Neogen again one of FORTUNE’s fastest-growing small companies

LANSING, Mich., June 22, 2004 — For the third consecutive year, Neogen Corporation (Nasdaq: NEOG) has been named to FORTUNE Small Business’ list of the 100 fastest-growing, publicly-held small businesses in America.

FORTUNE Small Business ranked Neogen 71st in the nationwide list based on its average annual growth for the past three years. Fortune calculations show Neogen had an 18.8% increase in revenue, 12.8% earnings growth, and a 24.7% increase in stock price. Neogen reported an increase in operating income of 19.5% for the same three-year period.

“We are very pleased that this respected financial publication has once again recognized our company’s financial performance as one of the best in America,” said James Herbert, Neogen’s president. “In the financial community, as well as in our food and animal safety industry, trust is earned. We’re extremely proud of the trust we’ve earned from our customers and investors to make this recognition possible.”

Compiled with help from Zacks Investment Research, the FORTUNE Small Business 100 list took into consideration only companies traded on major exchanges with $200 million or less annual revenue, and with a stock price above $1. The complete list appears in the July/August issue of the magazine.

In March, Neogen announced that its third quarter revenues (ended Feb. 29) increased 29% to $14,717,000 from $11,403,000 in the prior year. For the first nine months of Neogen’s 2004 fiscal year, revenues have increased 14% to $40,196,000 from $35,158,000 in FY 2003. The quarter is the 44th consecutive profitable quarter from operations for the Company, and the 49th quarter of the past 53 quarters to show increased revenues. Neogen is scheduled to release the results of its 2004 fiscal year, which ended May 31, on July 21.

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.