Neose selling out to Novo Nordisk, BioGenerix

Neose Technologies Inc. reached agreements Thursday to sell its assets to two foreign drug company collaboration partners for about $43 million.
The struggling Horsham, Pa., biopharmaceutical company stock was trading at 23 cents a share when the deals with Novo Nordisk of Denmark and BioGenerix of Germany were signed.
The asset sales are the initial step in a contemplated liquidation of Neose.
Neose (NASDAQ:NTEC), which specializies in using its enzyme pegylation technology to remodel molecules and develop next-generation therapeutic proteins, has been working with BioGenerix on a treatment for chemotherapy-induced neutropenia (which causes a drop in infection-fighting white blood cells), and with Novo Nordisk on an improved hemostasis compound to inhibit bleeding.
Under the terms of the deal, Neose is retaining certain intellectual property rights, including those related to producing glycolipids, for “future disposition.”

Novo Nordisk and Neose Announce Completion of Initial Phase 1 Clinical Trial

COPENHAGEN, Denmark & HORSHAM, Pa.--(BUSINESS WIRE)--Novo Nordisk A/S (NYSE:NVO) and Neose Technologies, Inc. (Nasdaq GM:NTEC) today announced that Novo Nordisk has completed the initial Phase 1 clinical trial with NN7128 (GlycoPEGylated Factor VIIa), a long-acting version of NovoSeven® Coagulation Factor FVIIa (Recombinant) administered intravenously. The trial assessed the safety and pharmacokinetics of NN7128 in 30 healthy subjects.
In the trial a significant prolongation of the half-life of NN7128 was observed. Furthermore, single doses of NN7128 were well tolerated with no serious adverse events.
“We are pleased to report the successful completion of this Phase 1 study and to have demonstrated a prolonged half-life of NN7128,” said Søren Bjørn, Corporate Vice President, Biopharm Research at Novo Nordisk. “As we continue our analysis of the data collected in this study, we look forward to presenting the full results at upcoming scientific and medical meetings.”
“We are encouraged by the safety and pharmacokinetic profile that NN7128 has demonstrated in this Phase 1 study,” said George J. Vergis, Ph.D., Neose President and Chief Executive Officer. “We look forward to continued progress in the clinical development of this compound.”