Xcelience Will Acquire New Technologies to Enhance Drug Development Processes
The Tampa-based Contract Research Organization signed a partnership that will form new opportunities in the pharmaceutical industry

May 24, 2007 (Tampa, FL) -- Xcelience, a leading pharmaceutical formulation development and contract manufacturing company, recently signed a technology acquisition alliance with UTEK Corporation, a firm focused on the transfer of new technology from universities to business.

UTEK will explore new technologies worldwide and potential technology transfer opportunities to assist Xcelience in providing solutions for its clients. "This alliance will enable Xcelience to cost-effectively review and acquire pharmaceutical and drug related technologies to provide better solutions to our service sponsors . We would be remiss if we did not look for the best possible drug development technologies available," said Derek G. Hennecke, Chief Executive Officer of Xcelience.

Xcelience is a leader in innovative drug development solutions. Its capabilities include preformulation, formulation development, analytical studies and contract manufacturing. Xcelience effectively guides drug candidates from the discovery and proof of concept stages through clinical trial manufacturing for its large pharma and medium-size clients.

"UTEK looks forward to working with Xcelience to identify potential technology acquisition opportunities that fit its strategic vision," commented William R. Porter, Chief Technology Transfer Officer of UTEK Corporation.

"Xcelience adds value to the diverse development projects of our clients by selecting and applying the right technology. Our collaboration with UTEK will give us early access to innovation in delivery systems, formulation components and manufacturing technology to significantly broaden the services we can offer," said Steve J. Bannister, Scientific Director of Xcelience.

About Xcelience
Xcelience is a Tampa-based laboratory providing high quality in drug development. The company brings together the industry's most experienced and talented scientists, efficiently moving compounds through the research and development stages to market. Since 1997, the lab has been developing formulations for clients throughout the country. Xcelience's unique corporate structure creates project teams that work intensively with each client, bringing an extension of their own organization into the Xcelience lab. For more information, visit www.xcelience.com

About UTEK Corporation UTEK® is a specialty finance company focused on technology transfer. UTEK's services enable companies to acquire innovative technologies from universities and research laboratories worldwide. UTEK facilitates the identification and acquisition of external technologies for clients in exchange for their equity securities. This unique process is called U2B®. In addition, UTEK offers companies the tools to search and analyze university intellectual properties. UTEK is a business development company with operations in the United States, United Kingdom and Israel. For more information about UTEK, please visit its website at www.utekcorp.com