HORSHAM, Pa.--(BUSINESS WIRE)--Sept. 22, 2006--Neose Technologies, Inc. (NasdaqGM: NTEC ) today announced that it has been advised by its co-development partner for GlycoPEG-GCSF, BioGeneriX AG, a company of the ratiopharm Group, that, although no decision has been made, BioGeneriX may delay commencement of Phase I clinical trials for the compound unless it secures a financing and development partner. Under the terms of the Research, Co-Development and Commercialization Agreement ("Agreement") entered into by Neose and BioGeneriX in April 2004, BioGeneriX is responsible for all clinical development costs, with the exception of the cost of Neose reagent supply. BioGeneriX has made a submission to the regulatory authority in a Western European country and is awaiting approval to initiate a Phase I trial for GlycoPEG-GCSF.
If BioGeneriX does not commence a Phase I trial in accordance with its diligence obligations under the Agreement, worldwide rights to the GlycoPEG-GCSF program will revert to Neose by mid-February 2007 in accordance with the Agreement.
"We are pleased by the progress of the program to date and the competitive product profile demonstrated in preclinical testing. While BioGeneriX may decide to commence Phase I in the absence of a partner, the potential return of the GlycoPEG-GCSF rights to Neose is an attractive alternative since we believe this asset has significantly increased in value during our collaboration with BioGeneriX," said George J. Vergis, Ph.D., Neose president and chief executive officer.
About G-CSF and Neutropenia
G-CSF is prescribed to stimulate the production of neutrophils, and is approved for sale in major markets around the world for the treatment of neutropenia associated with myelosuppressive chemotherapy. Worldwide sales in the G-CSF category were approximately $4 billion in 2005.
Neutropenia is a severe reduction in the number of neutrophils (mature white blood cells) in the circulating blood, commonly associated with cancer chemotherapy. Patients with neutropenia are at increased risk of developing serious infection. If not treated promptly, neutropenia can be life-threatening.
About BioGeneriX
BioGeneriX was founded in June 2000 to develop biopharmaceutical drugs with known modes of action and established drug markets. With its internal resources and a large network of strategic partners and service providers, BioGeneriX develops a high-quality biotech portfolio for marketing and distribution by its parent company and global partners. For more information, visit its website at www.biogenerix.com.
About the ratiopharm Group
ratiopharm is Europe's leading generics producer and in its home country Germany the top selling and most commonly prescribed pharmaceutical brand. The company produces high quality medicines and sells them at low prices. By doing so, it contributes to cost containment in the healthcare sector. With over 700 medicines, available exclusively from pharmacies, it has one of the widest product ranges in the business. ratiopharm sells 322 million pack units every year, meeting the needs of virtually all areas of medicine, from allergies to circulation problems and from gastroenteritis to toothaches. Founded in 1974, ratiopharm is now bringing its business model and experience to international markets. It is already active in 24 countries. In 2005, ratiopharm generated worldwide revenues of 1.6 billion Euros, of which 700 million Euros were from sales in Germany. For more information, visit its website at www.ratiopharm.de.
About Neose Technologies, Inc.
Neose Technologies, Inc. is a clinical-stage biopharmaceutical company focused on the development of next-generation therapeutic proteins that are competitive with best-in-class protein drugs currently on the market, on its own and through strategic partnerships. The lead candidates in its pipeline, NE-180 for use in the treatment of chemotherapy-induced anemia and anemia associated with chronic renal failure and GlycoPEG-GCSF for chemotherapy-induced neutropenia, target markets with aggregate sales in excess of $14 billion. <<
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