Igene and ADM form Joint Venture

COLUMBIA, Md.--(Business Wire)--
Igene Biotechnology, Inc. (OTC:IGNE) today announced an agreement with Archer
Daniels Midland Company (NYSE: ADM) to form a joint venture, Naturxan, L.L.C.
The new company will produce natural- source astaxanthin, which is widely used
in the aquaculture industry. The partnership will bring together ADM`s expertise
in production and logistics with Igene`s extensive knowledge of astaxanthin
technology.

Astaxanthin is a naturally occurring nutrient that is essential to impart the
characteristic red color to farmed fish. Most available astaxanthin is produced
via a chemical route, but Naturxan`s natural-source astaxanthin is produced
using natural Phaffia yeast through fermentation. It has been approved as a feed
ingredient in Chile, Canada, the United States, Japan and Europe.

The market for this natural source of astaxanthin is enjoying exciting growth.
Customers, who are involved in the production of farm-raised fish such as salmon
and trout, are seeking alternatives to the synthetic products currently
available. Naturxan will combine Igene`s technology and ADM`s production prowess
to meet the growing demand for natural products.

About IGENE Biotechnology

Igene has been specializing in research to adapt naturally found chemicals to
productive applications. It is headquartered in Columbia, Maryland. Its shares
trade on the NASD OTC Bulletin Board under IGNE.

Igene Biotechnology, Inc.
Edward Weisberger, 1-800-346-6421 or 410-997-2599
weisberger@igene.com

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