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Exhibit 99.1
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FOR IMMEDIATE RELEASE
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NEOSE AMENDS SHAREHOLDER RIGHTS PLAN TO PERMIT KOPP
INVESTMENT ADVISORS TO INCREASE OWNERSHIP POSITION TO 20%
Horsham, PA, November 14, 2000 -- Neose Technologies, Inc. (Nasdaq NM: NTEC)
announced today that, upon request of its largest shareholder, Kopp Investment
Advisors, and affiliated holders ("Kopp"), Neose has amended its Shareholder
Rights Plan to permit Kopp to acquire additional Neose common shares in the open
market in order to increase Kopp's ownership position up to 20%. Kopp currently
holds approximately 14.7% of Neose's common shares, and otherwise would have
been limited to 15% under the Rights Plan.
Stephen Roth, Neose's Chairman and Chief Executive Officer, said "Neose is
pleased that Kopp Investment Advisors wants to acquire a larger ownership
position in the company. Kopp understands our growth strategy, and has been very
supportive of our plans. We believe that Kopp is an ideal long term stockholder
for Neose."
Neose is a leading developer of proprietary technologies for the synthesis and
manufacture of complex carbohydrates. The Company's proprietary enzymatic
glycosylation technology platform enables the rapid and cost-effective synthesis
of a wide range of complex carbohydrates in commercial quantities. Neose's
GlycoAdvance(TM) technologies enable the completion and correction of
glycosylation in recombinant glycoprotein discovery, development and
manufacture. The Company uses its broad, enabling technology to produce complex
carbohydrates for pharmaceutical, biotechnology, nutritional and consumer
product applications.
Kopp Investment Advisors is an independent money management firm based in
Minneapolis, Minnesota. The firm was founded on two key principles: superior
investment performance and quality client service. Kopp manages over $5 billion
in numerous private accounts and an emerging-growth mutual fund. The firm may be
reached at 1-800-333-9128 or www.koppinv.com.
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NEOSE TECHNOLOGIES INC. PAGE 2
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: [email protected]
(215) 441-5890
E-mail: [email protected] 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, 1999.
