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Business
Neose cuts staff by 25%
September 11, 2006
| A version of this story appeared in
Volume 84, Issue 37
Neose Technologies, a biopharmaceutical company focused on carbohydrate technology, is consolidating operations to pay down debt and fund R&D. A real estate trust will pay $21 million for Neose's pilot plant in Horsham, Pa., and the firm's headquarters will be shifted to a leased facility in Horsham within the next six months. Headcount will be reduced by roughly 25% as a result of the change; Neose employed 109 people at the end of 2005. The company will spend roughly $3.5 million in the first quarter of 2007 to build more lab and office space at the leased site.
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