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

CONTACT: Richard R Current, Vice President & CFO, 517/372-9200

LANSING, Mich., July 2, 2003 — For the second 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.

Companies were ranked based on three criteria: earnings growth, revenue growth and stock performance over the past three years. The three criteria were then averaged to create the final list. For the period of March 1, 2000 to Feb. 28, 2003, Neogen had an average annual revenue growth rate of 19%, average annual increase in net income of 24%, and average annual increase in its stock price of 19%. Neogen’s growth in operating income during the same three-year period averaged 35%.

Neogen is scheduled to release the results of its 2003 fiscal year, which ended May 31, on July 22.

“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 Fortune Small Business.

Neogen Corporation develops and markets products and services 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 and nutritional supplements.

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.