Another One Bites the Dust: Neose Technologies a Carbohydrate-Based Therapeutics Pioneer to Liquidate its Assets
Back in 1993 when I was looking for an industrial job, I came across an ad for a research scientist at a Philadelphia-based biopharmaceutical company called Neose. Unlike most other biotechnology companies at the time, the company was focused on identifying and discovering drugs against carbohydrate-based targets—a novel idea at the time. Because I had spent the previous seven years working on carbohydrate biochemistry, I applied for the job and I was invited to interview for the position. At the time, Neose was a small, marginally-funded biotech company that was started in 1993 by a cell biologist from the University of Pennsylvania.
I was very impressed with the company and thought that my background was consistent with the company’s long-term goals. Unfortunately, they never made me an offer and I went to work for one of Neose’s main competitors, a small, start-up company called Transcell Technologies. Plagued by poor management and a weak technology platform, Transcell Technologies was sold and liquidated in 1999.
Neose ultimately went public and had to reinvent itself several times over the past 14 years. At one point, it had developed a novel carbohydrate-based PEGylation technology for recombinant therapeutic proteins and monoclonal antibodies, which appeared to be gaining traction in the biogenerics market space. Unfortunately, it was “too little, too late” and like most other companies focused on carbohydrate drug discovery, Neose couldn’t sustain itself. Consequently, Neose recently inked separate deals with Novo Nordisk and BiogeneriX to liquidate most of its assets for cash deals worth only $43 million. Both companies had been collaborating separately with Neose on it clinical development programs.
Neose reported that it would retain certain intellectual property rights including those related to producing glycolipids. Like Pharmacopeia, another biopharmaceutical pioneer that recently sold its assets, Neose had a solid 15 year run—something that most biotechnology companies can only dream about!
Until next time…
Good Luck and Good Job Hunting!!!!
