Neose Receives Milestone Payment From Novo Nordisk
HORSHAM, Pa., May 13 /PRNewswire-FirstCall/ -- Neose Technologies, Inc. (NASDAQ:NTEC) today announced that it received a scheduled milestone payment
from Novo Nordisk A/S (NYSE:NVO) under the license agreement entered into in
November 2003 to use Neose's GlycoPEGylation(TM) technology to develop a
next-generation version of a therapeutic protein currently marketed by Novo
Nordisk.
"We continue to be pleased with the progress on this collaboration with Novo
Nordisk," said C. Boyd Clarke, Neose president, chief executive officer and
chairman.
About Novo Nordisk A/S Novo Nordisk is a focused healthcare company. With the broadest diabetes
product portfolio in the industry, including the most advanced products within
the area of insulin delivery systems, Novo Nordisk is a world leader in
diabetes care. In addition, Novo Nordisk has a leading position within
haemostasis management, growth hormone therapy and hormone replacement therapy. Novo Nordisk manufactures and markets pharmaceutical products and services
that make a significant difference to patients, the medical profession and
society. With headquarters in Denmark, Novo Nordisk employs approximately
18,700 people in 68 countries and markets its products in 179 countries. Novo
Nordisk's B shares are listed on the stock exchanges in Copenhagen and London.
Its ADRs are listed on the New York Stock Exchange under the symbol "NVO." For
further company information visit http://www.novonordisk.com/.
About Neose Technologies, Inc.
Neose is a biopharmaceutical company using its proprietary enzymatic
technologies to develop improved drugs, focusing primarily on therapeutic
proteins. Neose uses its GlycoAdvance(R) and GlycoPEGylation(TM) technologies
to develop improved versions of drugs with proven safety and efficacy. Neose
intends to apply its technologies to products it is developing on its own and
to products it co-develops and co-owns with others. It also expects to make
its technologies available, through strategic partnerships, to improve the
products of other parties. Neose's first two proprietary candidates are
GlycoPEG-EPO (NE-180), a long-acting version of erythropoietin, and
GlycoPEG-GCSF, a long-acting version of granulocyte colony stimulating factor
(G-CSF). It is expected that an investigational new drug application (IND) for
NE-180 will be submitted to the U.S. Food and Drug Administration (FDA) during
the second quarter of 2005. In addition, it is expected that the equivalent of
an IND will be submitted in an EU country by the end of 2005 for GlycoPEG-GCSF.
CONTACTS: Neose Technologies, Inc.
A. Brian Davis
Sr. Vice President and Chief Financial Officer
(215) 315-9000 Barbara Krauter
Manager, Investor Relations
(215) 315-9004 For more information, please visit http://www.neose.com/.
Neose "Safe Harbor" Statement under the Private Securities Litigation Reform
Act of 1995: Statements in this press release regarding our business that are
not historical facts are "forward-looking statements" that involve risks and
uncertainties. For a discussion of these risks and uncertainties, any of which
could cause our actual results to differ from those contained in the
forward-looking statement, see the section of Neose's Annual Report on Form
10-K for the year ended December 31, 2004, entitled "Factors Affecting the
Company's Prospects" and discussions of potential risks and uncertainties in
Neose's subsequent filings with the SEC. DATASOURCE: Neose Technologies, Inc.
CONTACT: A. Brian Davis, Sr. Vice President and Chief Financial Officer, +1-215-315-9000, or Barbara Krauter, Manager, Investor Relations, +1-215-315-9004, both of Neose Technologies, Inc.
Web site: http://www.novonordisk.com/ Web site: http://www.neose.com/
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