COLUMBIA, Md., June 28, 2006 /PRNewswire-FirstCall via COMTEX/ -- Martek Biosciences Corporation (MATK) announced today that South Korean infant formula market leader, Namyang Dairy Products Co., Ltd., has signed a license and supply agreement for rights to use Martek's docosahexaenoic acid (DHA) and arachidonic acid (ARA) in infant formula sold in South Korea.
Martek manufactures nutritional oils that contain the long-chain polyunsaturated fatty acids, DHA and ARA, both of which are naturally present in breast milk. Clinical studies have demonstrated benefits for those infants receiving DHA and ARA supplemented formula. Martek's proprietary blend of DHA and ARA is the first source of these nutrients cleared for use in U.S. infant formula by the FDA and is the only source being used in the U.S. by infant formula manufacturers. Martek's DHA and ARA are currently being sold by the Company's licensees in supplemented formulas in over 65 countries around the world.
"This agreement is yet another example of how formula manufacturers worldwide are recognizing the benefits of adding DHA and ARA to formula, both for their business and the infants they serve. I always feel great that, with every new license agreement, more and more infants around the world will benefit from Martek's products," said Henry "Pete" Linsert, Jr., chairman and CEO of Martek Biosciences Corporation.
Martek Biosciences Corporation (MATK) is a leader in the innovation and development of omega-3 DHA products that promote health and wellness through every stage of life. The Company produces Martek DHA(TM), a vegetarian source of the omega-3 fatty acid DHA (docosahexaenoic acid), for use in foods, infant formula, and supplements, and ARA (arachidonic acid), an omega-6 fatty acid, for use in infant formula. For more information on Martek Biosciences, visit http://www.martek.com.
Sections of this release contain forward-looking statements concerning, among other things, expectations regarding inclusion of Martek's products in infant formulas in the US and elsewhere. These statements are based upon numerous assumptions which Martek cannot control and involve risks and uncertainties that could cause actual results to differ. These statements should be understood in light of the risk factors set forth in the Company's filings with the Securities and Exchange Commission, including, but not limited to, Part II, Item 1A of the Company's Form 10-Q for the fiscal quarter ended April 30, 2006 and other filed reports on Form 10-K/A, Form 10-Q and Form 8-K.
CONTACT: Cassie France-Kelly, Public Relations, +1-443-542-2116, [email protected], or Kyle Stults, Investor Relations, +1-410-740-0081, [email protected], both of Martek Biosciences Corporation.