Novo Nordisk A/S and BioGenerix AG have signed to buy almost all of Neose Technologies, Inc. assets.

An all cash transaction bwtween Neose Technologies collaborative partners Novo Nordisk and BioGeneriX transfers the majority of Neose assets to the two other companies. Neose will, however, retain intellectual property rights relating to a number of products for future disposition. The asset sales are the first step in the planned liquidation of the company, which will require stockholder approval.

The closing price of Neose's common stock on September 17, 2008 was $0.23 per share. In accordance with the terms of the common stock purchase warrants issued in connection with Neose's March 2007 equity financing, each warrant holder has an option to receive a cash payment within 30 days of the closing of the asset sales in exchange for such holder's warrants.

Source: Neose Technologies, Inc.