Neogen again named one of Forbes’ 200 Best Small Companies

LANSING, Mich., Oct. 18, 2005 — In its Oct. 31, 2005 issue, Forbes Magazine has named Neogen Corporation (Nasdaq: NEOG) to its annual list of the 200 Best Small Companies in America for the fourth time in six years.

The Forbes list is based on growth in sales, earnings, and return on equity for the past five years, and the latest 12 months.

“If you’re looking for a list of the hottest sensations of the moment—you’ve come to the wrong place,” said Forbes’ editors in announcing the list. “Our list of the 200 Best Small Companies doesn’t do flashes in the pan. It does, however, feature solid and consistent hitters that have performed well when measured over the last 12 months and the past five years, and are poised for another growth spurt.”

“We are pleased any time we receive independent recognition of our company’s solid performance, and especially when it comes from a source as trusted as Forbes,” said James Herbert, Neogen’s president. “The list provides the investment community with another tool to identify solid performers for possible investment.”

Neogen recently announced that its net income for the first quarter of FY 2006, which ended Aug. 31, increased 35% from the previous year’s first quarter. Neogen’s first quarter revenues were $16,778,000 — a 10% increase compared to the prior year. First quarter net income per share was $0.25 as compared with $0.19 for the same period last year. The first quarter marked the first time Neogen reported over $2 million of net income in a single three-month period, as net income rose to $2,140,000 from the prior year’s $1,584,000.

For more information about Forbes’ list of the 200 Best Small Companies in America, refer to the Oct. 31, 2005 issue of Forbes Magazine, or online at www.forbes.com.

Neogen Corporation develops and markets products dedicated to food and animal safety. The company’s Food Safety Division markets dehydrated culture media, and diagnostic test kits to detect foodborne bacteria, natural toxins, genetic modifications, food allergens, drug residues, plant diseases and sanitation concerns. Neogen’s Animal Safety Division markets a complete line of diagnostics, veterinary instruments, veterinary pharmaceuticals, nutritional supplements, disinfectants, and rodenticides.

Certain portions of this news release that do not relate to historical financial information constitute forward-looking statements. These forward-looking statements are subject to certain risks and uncertainties. Actual future results and trends may differ materially from historical results or those expected depending on a variety of factors listed in Management’s Discussion and Analysis of Financial Condition and Results of Operations in the Company’s most recently filed Form 10-K.