COLUMBIA, Md., May 16 /PRNewswire-FirstCall/ -- Martek Biosciences Corporation announced today that the former interest holders of OmegaTech have appealed the decision of the United States District Court for the District of Maryland granting Martek's motion for summary judgment in a case involving a dispute as to whether a contractual milestone involved in the 2002 merger of OmegaTech into Martek has been fulfilled. As announced by Martek on April 26, 2006, the Court ruled in Martek's favor in a motion for summary judgment made by Martek and ordered that the case be closed. However, as also previously disclosed by Martek, the former interest holders of OmegaTech have the right to appeal the decision until May 24, 2006, which they have elected to do. A ruling on the appeal by the federal Fourth Circuit Court of Appeals is expected in late 2006 or early 2007.
Martek Biosciences Corporation 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 legal proceedings. 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 January 31, 2006 and other filed reports on Form 10- K, Form 10-Q and Form 8-K.
Contact: Kyle Stults
Investor Relations (410) 740-0081
Martek Biosciences CorporationCONTACT: Kyle Stults, Investor Relations of Martek BiosciencesCorporation, +1-410-740-0081
Web site: http://www.martek.com/
