Neose Technologies, Inc. Receives Milestone Payment From Novo Nordisk A/S On Second Protein

HORSHAM, Pa., Nov. 21 /PRNewswire-FirstCall/ -- Neose Technologies, Inc. today announced that it received a milestone payment from Novo Nordisk A/S under the license agreements entered into in November 2003 to use Neose's GlycoPEGylation(TM) technology to develop next-generation versions of three currently-marketed therapeutic proteins. This is the second of the three proteins Novo is developing using the Neose technology for which a milestone payment has been received.

"We are pleased not only with the progress this milestone payment represents, but with the overall success of our three-protein collaboration with Novo Nordisk," said C. Boyd Clarke, Neose chief executive officer and chairman.

About Novo Nordisk A/S

Novo Nordisk is a healthcare company and a world leader in diabetes care. The company has the broadest diabetes product portfolio in the industry, including the most advanced products within the area of insulin delivery systems. In addition, Novo Nordisk has a leading position within areas such as 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 21,600 full-time employees in 78 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 more information, visit

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 NE-180 (GlycoPEG-EPO), a long-acting version of erythropoietin, and GlycoPEG-GCSF, a long-acting version of granulocyte colony stimulating factor (G-CSF).

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

Neose "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding Neose's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties, including without limitation the risk that Neose will fail to be able to further develop of any of the three proteins Novo is developing using Neose technology. For a discussion of these risks and uncertainties, any of which could cause Neose's 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.

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.

Back to news