AGI Dermatics Makes Long Island Fast 50
for the Seventh Consecutive Year

Applied Genetics Inc. Dermatics (AGI) Named One of Long Island's Fastest-Growing Technology Companies in Deloitte Technology Fast 50 Program

FREEPORT, N.Y., January 18, 2005 -- Applied Genetics Inc. Dermatics (AGI) has been named to Deloitte & Touche USA LLP's prestigious Technology Fast 50 Program for Long Island, a ranking of the 50 fastest growing technology companies in the area by Deloitte & Touche USA LLP, one of the nation's leading professional services firms. Rankings are based on the percentage of growth in fiscal year revenues over five years, from 1999-2003.

"The Deloitte Long Island Technology Fast 50 companies have shown the strength, vision and temerity to succeed despite a very challenging technology environment," said Adam Weisman, a partner of Deloitte & Touche LLP's technology, media and telecommunications practice and chairperson of the 2004 Long Island Technology Fast 50. "We applaud the successes of Applied Genetics Inc. Dermatics and acknowledge their place as one of the very few to accomplish such a fast growth rate over the past five years."

Adds Weisman, "To make the Deloitte Technology Fast 50, companies within Long Island must have had tremendous revenue growth from 1999-2003. In an era where technology companies come and go, making the Deloitte Fast 50 is a testament to a company's vision that allows growth over five years. AGI Dermatics' leadership has the right stuff for growth, and Deloitte salutes their accomplishments."

Daniel B. Yarosh, PhD, Founder and CEO, Applied Genetics Inc. Dermatics, credits uncompromising dedication to achieving recognition for the seventh straight year. Says Yarosh, "AGI Dermatics is honored to be lauded by the Fast 50 Program. Fast 50 recognition underscores our single-minded commitment to individuals worldwide who use our technology today and are poised to benefit from our future innovations."

To qualify for the Technology Fast 50, companies must have had operating revenues of at least $50,000 in 1999 and $1,000,000 in 2003, must be public or private companies headquartered in North America, and be a "technology company" defined as owning proprietary technology that contributes to a significant portion of the company's operating revenues (using other companies' technology in a unique way does not qualify); and/or devoting a significant proportion of revenues to research and development of technology.

Winners of the 19 regional Technology Fast 50 programs in the United States and Canada are automatically entered in the Deloitte Technology Fast 500 program, which ranks North America's top 500 fastest growing technology companies. For more information on the Fast 50 or Fast 500 programs, visit www.fast50.com.