Exhibit 99.1
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NEOSE TECHNOLOGIES, INC.
102 Witmer Road, Horsham, PA 19044 215.441.5890 fax:215.441.5896
email: info@neose.com www.neose.com
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FOR IMMEDIATE RELEASE
Neose Agreement with Bristol-Myers Squibb for Cancer Vaccine Programs
Amended and Assigned to Progenics
Horsham, PA, May 18, 2001 -- Neose Technologies, Inc. (Nasdaq NM: NTEC)
announced today that its Research and Development Agreement with Bristol-Myers
Squibb Company (NYSE: BMY) has been amended and assigned by Bristol-Myers Squibb
to Progenics Pharmaceuticals, Inc. (Nasdaq NM: PGNX), in connection with
Progenics' recently announced re-acquisition of development and marketing rights
from Bristol-Myers Squibb of two cancer vaccine programs.
Under the amended agreement, Progenics has the right to negotiate with Neose for
the supply of two gangliosides for use as the active pharmaceutical ingredients
in the cancer vaccines. Under the terms of the original agreement, Neose was
developing proprietary technologies to enable cGMP manufacturing of these
gangliosides. On May 15, 2001, Progenics announced the initiation of a Phase III
clinical trial with the most advanced of these vaccines to prevent the relapse
of malignant melanoma.
Neose develops proprietary technologies for the synthesis and manufacture of
complex carbohydrates. The Company uses its broad technology platform in the
following programs: GlycoAdvance uses our innovative technologies to address the
problems of incomplete or incorrect glycosylation encountered in the manufacture
of recombinant glycoproteins; GlycoTherapeutics uses our technology platform to
develop and produce novel carbohydrate-based therapeutics; and GlycoActives uses
our technology platform to develop and produce novel carbohydrate-based food
ingredients.
CONTACTS:
Neose Technologies, Inc. Adam Friedman Associates LLC
P. Sherrill Neff Adam Friedman
President and Chief Operating Officer President
A. Brian Davis (212) 981-2529
Director, Finance E-mail: ntec@adam-friedman.com
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(215) 441-5890
E-mail: info@neose.com The Redstone Group, LLC
Jason Rubin
(610) 941-2741
For more information, please visit www.neose.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of
1995: Statements in this press release that are not historical facts are
"forward-looking statements" that involve risks and uncertainties. For a more
detailed discussion of these risks and uncertainties, any of which could cause
the Company's actual results to differ from those contained in any
forward-looking statement, see the "Risk Factors" section of Item 1 of the
Company's Annual Report on Form 10-K for the year ended December 31, 2000.