Magellan Laboratories on the Fast Track

Leading North Carolina Pharmaceutical Development Organization Recognized for Eighth Consecutive Year

RESEARCH TRIANGLE PARK, NC - Magellan Laboratories, a full service pharmaceutical contract research and development organization, was awarded the #2 rank in The Business Journal's 2001 "Triangle Fast 50."

The Triangle Fast 50 comprises the top 50 revenue growth business groups and organizations in the Triangle, which is North Carolina's top business and education region, including Research Triangle Park, Raleigh, Durham and Chapel Hill. The Triangle area has been consistently recognized as an international hub for technology and research and development.

Magellan Laboratories, a Fast 50 winner for eight consecutive years, reported a 35 percent increase in annual revenues to about $60 million the past year. Magellan, a privately owned company, has grown aggressively since its 1991 inception and has posted a profit nine years in a row.

"This is only an introduction to the amount of growth we expect to achieve in the coming years," says Eric Hoffman, vice president of business development at Magellan. "The pharmaceutical industry anticipates a 20 to 25 percent increase in the amount of outsourced research and development work per year. The breadth of our services can accommodate that need, and we fully expect continued aggressive growth."

Magellan is also growing in physical size, with the 1999 acquisition of its Biotechnology Facility in San Diego, C.A. and the addition of about 100 new staff members in the past year. The company's recent boom has led to 2002 expansion plans into additional buildings at its Research Triangle Park and San Diego sites.

About The Business Journal's "Triangle Fast 50":
The Business Journal, a print and online publication serving the Triangle's business communities, has honored the top 50 growing business organizations in the Triangle area for the past nine years. The 2001 winners were judged on their 2000 revenues and the percentage increase in revenues from 1998 to 2000, which allows smaller companies in fast-growth modes to compete with larger companies that may have relatively slower growth.

About Magellan Laboratories:
Founded in 1991 by leading pharmaceutical scientists, Magellan Laboratories serves the continually changing needs of the pharmaceutical and biotechnological industries by providing a complete range of GLP/GMP compliant analytical testing and development. Magellan's client roster lists about 200 active contractors, including nine of the top 10 pharmaceutical companies.

Magellan has won numerous awards, including a 2001 Deloitte & Touche N.C."Tech 50" Award (based on a ranking of 50 fastest-growing technology companies in the state), and designation as the 1999 North Carolina Pharmaceutical Company of the Year (NCEITA Award, Healthcare/ Pharmaceutical Division).

Magellan Laboratories features eight strategic divisions: Analytical, Inhalation, Microbiology, Structural Chemistry, Synthesis, Research and Bioanalytical, Biotechnology and Pharmaceutics. Magellan has facilities in Research Triangle Park, N.C. and San Diego, C.A. For more information on Magellan Laboratories, visit www.magellanlabs.com.