Neose Technologies Inc.


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Neose Technologies Inc. announced that on March 12, 2008, it has entered into a Commercial Insurance Premium Finance and Security Agreement with Cananwill Inc. to finance the insurance policy premiums due on certain insurance policies of the Company. The amount financed under the Finance Agreement is $370,622.96 and, pursuant to its terms, the Company is required to make a payment of $34,391.04 during each of the 11 months beginning on March 15, 2008 and ending on January 15, 2009. Each payment includes an amount for principal and interest. Interest is calculated based on an annual percentage rate of 4.12%.