Thursday May 9, 9:07 pm Eastern Time
Press Release
SOURCE: Neose Technologies, Inc.
Neose Informed of Wyeth's Intention to Discontinue Development of rPSGL-Ig for Myocardial Infarction
Decision Unrelated to Neose's GlycoAdvance(TM)
HORSHAM, Pa., May 9 /PRNewswire-FirstCall/ -- Neose Technologies (Nasdaq: NTEC - news) announced that it has been informed today by Wyeth Pharmaceuticals (NYSE: WYE - news) that Wyeth does not intend to continue clinical development of their compound, rPSGL-Ig, for myocardial infarction due to disappointing results in Phase II clinical trials. This decision was unrelated to the performance of Neose's GlycoAdvance technology. Although it is possible that development of rPSGL-Ig may continue for other indications, the timing or likelihood of continued development is not known.
Boyd Clarke, president and CEO of Neose Technologies, said, "We knew this compound was in Phase II clinical trials, and was subject to the normal risks and uncertainty associated with clinical drug development. Although our technology was working as planned, we are disappointed by the news from Wyeth. We hope to continue working with Wyeth to use GlycoAdvance in their therapeutic protein development programs."
Neose develops proprietary technologies for the synthesis and manufacture of complex carbohydrates. The company uses its broad technology platform in the following programs: GlycoAdvance products and services for correcting incomplete or incorrect glycosylation encountered in the manufacture of recombinant glycoproteins; GlycoTherapeutics(TM) to develop and produce novel carbohydrate-based therapeutics; and GlycoActives(TM) to develop novel carbohydrate-based food and nutritional ingredients. |
