Xcelience Will Acquire New Technologies to Enhance Drug Development Processes

Tampa, FL. May 24, 2007 – 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

Forward-Looking Statements

Certain matters discussed in this press release are "forward-looking statements." These forward-looking statements can generally be identified as such because the context of the statement will include words, such as UTEK or Xcelience, Inc. "expects," "should," "believes," "anticipates" or words of similar import. Similarly, statements that describe UTEK's or Xcelience, Inc.’s future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties, including the financial performance of UTEK or Xcelience, Inc., as appropriate, and the valuation of UTEK's investment portfolio, which could cause actual results to differ materially from those currently anticipated. Although UTEK and Xcelience, Inc. believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, they cannot give any assurance that their expectations will be attained. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating any forward-looking statements. Certain factors could cause results and conditions to differ materially from those projected in these forward-looking statements, and some of these factors are discussed below. These factors are not exhaustive. New factors, risks and uncertainties may emerge from time to time that may affect the forward-looking statements made herein. These forward-looking statements are only made as of the date of this press release and both UTEK and Xcelience, Inc. do not undertake any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

UTEK's operating results could fluctuate significantly due to a number of factors. These factors include the small number of transactions that are completed each quarter, the value of individual transactions, the timing of the recognition and the magnitude of unrealized gains and losses, UTEK's dependence on the performance of companies in its portfolio, the possibility that advances in technology could render the technologies it has transferred obsolete, the loss of technology licenses by companies in its portfolio, the degree to which it encounters competition in its markets, the volatility of the stock market and the volatility of the valuations of the companies it has invested in as it relates to its realized and unrealized gains and losses, the concentration of investments in a small number of companies, as well as other general economic conditions. As a result of these and other factors, current results may not be indicative of UTEK's future performance. For more information on UTEK and for a more complete discussion of the risks pertaining to an investment in

Media Contact:
Sanaa Belfekih
813.868.1521
Sanaa@teasdaleworldwide.com

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