**Exhibit 99.1**

 

**CODE OFBUSINESS CONDUCT AND ETHICS**

**ADOPTED BYTHE BOARD OF DIRECTORS**

**ON FEBRUARY 10,2006**

 

**Introduction**

 

This Code of Business Conduct and Ethicscovers a wide range of business practices and procedures. It does not coverevery issue that may arise, but it sets out basic principles to guide allemployees of Serologicals Corporation and all of its subsidiaries. All of ouremployees must conduct themselves accordingly and seek to avoid even theappearance of improper behavior.

 

If a law conflicts with a policy in thisCode, you must comply with the law. If you have any questions about a conflict,you should ask your supervisor how to handle the situation.

 

Those who violate the standards in this Codewill be subject to disciplinary action, up to and including termination ofemployment. *If you are in a situation that you believe mayviolate or lead to a violation of this Code, follow the guidelines described inSection 10 of this Code.*

 

**1.****             Compliancewith Laws, Rules and Regulations**

 

Obeying the law, both in letter and inspirit, is the foundation on which this Company’s ethical standards are built. Allemployees must respect and obey the laws of the cities, states and countries inwhich we operate. Although not all employees are expected to know the detailsof these laws, it is important to know enough to determine when to seek advicefrom supervisors, managers or other appropriate personnel.

 

If requested, the Company will holdinformation and training sessions to promote compliance with laws, rules andregulations, including insider-trading laws.

 

**2.****             Conflictsof Interest**

 

A “conflict of interest” exists when a person’sprivate interest interferes in any way with the interests of the Company. Aconflict situation can arise when an employee, officer or director takesactions or has interests that may make it difficult to perform his or herCompany work objectively and effectively. Conflicts of interest may also arisewhen an employee, officer or director, or members of his or her family,receives improper benefits as a result of his or her position in the Company. Loansto, or guarantees of obligations of, employees and their family members maycreate conflicts of interest.

 

It is almost always a conflict of interestfor a Company employee to work simultaneously for a competitor, customer orsupplier. You are not allowed to work for a competitor as a consultant or boardmember. The best policy is to avoid any direct or indirect business connectionswith our customers, suppliers or competitors, except on our behalf. Conflictsof

 

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interest are prohibited as a matter of Company policy, except underguidelines approved by the Board of Directors. Conflicts of interest may notalways be clear-cut, so if you have a question, you should consult with higher levelsof management or the Company’s General Counsel. Any employee, officer ordirector who becomes aware of a conflict or potential conflict should bring itto the attention of a supervisor, manager or other appropriate personnel orconsult the procedures described in Section 10 of this Code.

 

**3.****     CorporateOpportunities**

 

Employees, officers and directors areprohibited from taking for themselves personally opportunities that arediscovered through the use of corporate property, information or position withoutthe consent of the Board of Directors. No employee may use corporate property,information, or position for improper personal gain, and no employee maycompete with the Company directly or indirectly. Employees, officers anddirectors owe a duty to the Company to advance its legitimate interests whenthe opportunity to do so arises.

 

**4.****     Competitionand Fair Dealing**

 

We seek to outperform our competition fairlyand honestly. Stealing proprietary information, possessing trade secretinformation that was obtained without the owner’s consent, or inducing suchdisclosures by past or present employees of other companies is prohibited. Eachemployee should endeavor to respect the rights of and deal fairly with theCompany’s customers, suppliers, competitors and employees. No employee shouldtake unfair advantage of anyone through manipulation, concealment, abuse ofprivileged information, misrepresentation of material facts, or any otherintentional unfair-dealing practice.

 

The purpose of business entertainment andgifts in a commercial setting is to create good will and sound workingrelationships, not to gain unfair advantage with customers. No gift orentertainment should ever be offered, given, provided or accepted by anyCompany employee, family member of an employee or agent unless it: (1) isnot a cash gift, (2) is consistent with customary business practices, (3) isnot excessive in value, (4) cannot be construed as a bribe or payoff and (5) doesnot violate any laws or regulations. Please discuss with your supervisor anygifts or proposed gifts which you are not certain are appropriate.

 

**5.****     Record-Keeping**

 

The Company requires honest and accuraterecording and reporting of information in order to make responsible businessdecisions. Among other things, the Company expects employees to abide by itspublished time and attendance policies. For example, only the true and actualnumber of hours worked should be reported. If you are not sure how to record orclassify your time, ask your human resources or payroll supervisor.

 

Many employees regularly use business expenseaccounts, which must be documented and recorded accurately. The Company expectsemployees to abide by its published travel expense policies. If you are notsure whether a certain expense is legitimate, ask your supervisor or yourcontroller.

 

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All of the Company’s books, records, accountsand financial statements must be maintained in reasonable detail, mustappropriately reflect the Company’s transactions and must conform both toapplicable legal requirements and to the Company’s system of internal controls.Unrecorded or “off the books” funds or assets should not be maintained.

 

Business records and communications oftenbecome public, and we should avoid exaggeration, derogatory remarks, guessworkor inappropriate characterizations of people and companies that can bemisunderstood. This applies equally to email, internal memos, and formalreports. Records should always be retained or destroyed according to theCompany’s record retention policies. In accordance with those policies, in theevent of litigation or governmental investigation, please consult the Company’sGeneral Counsel.

 

**6.****     Protectionand Proper Use of Company Assets**

 

All employees should endeavor to protect theCompany’s assets and ensure their efficient use. Theft, carelessness, and wastehave a direct impact on the Company’s profitability. Any suspected incident orfraud or theft should be immediately reported for investigation. Companyequipment should not be used for non-Company business, though incidentalpersonal use may be permitted.

 

The obligation of employees to protect theCompany’s assets includes its proprietary information. Proprietary informationincludes intellectual property such as trade secrets, patents, trademarks, andcopyrights, as well as business, marketing and service plans, engineering andmanufacturing ideas, designs, databases, records, salary information and anyunpublished financial data and reports. Unauthorized use or distribution ofthis information would violate Company policy. It could also be illegal andresult in civil or even criminal penalties.

 

**7.****     Paymentsto Government Personnel**

 

The U.S. Foreign Corrupt Practices Actprohibits giving anything of value, directly or indirectly, to officials offoreign governments or foreign political candidates in order to obtain orretain business. It is strictly prohibited to make illegal payments togovernment officials of any country.

 

In addition, the U.S. government has a numberof laws and regulations regarding business gratuities which may be accepted byU.S. government personnel. The promise, offer or delivery to an official oremployee of the U.S. Government of a gift, favor or other gratuity in violationof these rules would not only violate Company policy but could also be acriminal offense. State and local governments, as well as foreign governments,may have similar rules. The Company’s General Counsel can provide guidance toyou in this area.

 

**8.****     Waiversof the Code of Business Conduct and Ethics**

 

Any waiver of this Code for executiveofficers or directors may be made only by the Board or a Board committee andwill be promptly disclosed as required by law or stock exchange regulation.

 

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**9.****     Reportingany Illegal or Unethical Behavior**

 

Employees are encouraged to talk tosupervisors, managers or other appropriate personnel about observed illegal orunethical behavior and when in doubt about the best course of action in aparticular situation. It is the policy of the Company not to allow retaliationfor reports of misconduct by others made in good faith by employees. Employeesare expected to cooperate in internal investigations of misconduct.

 

The Company uses Ethicspoint®, a third partyvendor, to permit employees to report violations of this Code. Ethicspoint®permits employees to make reports anonymously by means of the internet or bytelephone. Employees may access Ethicspoint® by going to the “Corporate Ethics”section of the “Resources” section of “Seronet”, the Company’sintranet home page.

 

**10.****  ComplianceProcedures**

 

We must all work to ensure prompt andconsistent action against violations of this Code. However, in some situationsit is difficult to know if a violation has occurred. Since we cannot anticipateevery situation that will arise, it is important that we have a way to approacha new question or problem. These are the steps to keep in mind:

 

•      Make sureyou have all the facts. In order to reach the right solutions, we must beas fully informed as possible.

 

•      Askyourself:  What specifically am I beingasked to do?  Does it seem unethical orimproper?  This will enable you tofocus on the specific question you are faced with, and the alternative you have.Use your judgment and common sense; if something seems unethical or improper,it probably is.

 

•      Clarify yourresponsibility and role. In most situations, there is shared responsibility.Are your colleagues informed?  It mayhelp to get others involved and discuss the problem.

 

•      Discuss theproblem with your supervisor. This is the basic guidance for all situations.In many cases, your supervisor will be more knowledgeable about the question,and will appreciate being brought in the decision-making process. Remember thatit is your supervisor’s responsibility to help solve problems.

 

•      Seek helpfrom Company resources. In the rare case where it may not be appropriate todiscuss an issue with your supervisor, or where you do not feel comfortableapproaching your supervisor with your question, discuss it locally with youroffice manager or your Human Resources manager. You may also make a reportregarding the issue using the Company’s Ethicspoint® anonymous reportingsystem.

 

•      You mayreport ethical violations in confidence and without fear of retaliation. Ifyour situation requires that your identity be kept secret, your anonymity willbe

 

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protected. The Company does not permitretaliation of any kind against employees for good faith of ethical violations.

 

•      Always askfirst, act later:  If you are unsureof what to do in any situation, seek guidance before you act.

 

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