<PAGE>
                                                                               .
                                                                               .
                                                                               .

                                                                    Exhibit 10.2

<TABLE>
<S>                                                      <C>
PREMIUM FINANCE AGREEMENT DISCLOSURE STATEMENT AND       AICCO, INC.
SECURITY AGREEMENT
                                                         101 Hudson Street, Jersey City, NJ 07302 (201) 631-5400 or (877)
A.I. Credit Corp. NC License # B-68, VA License #        902-4242 80 Pine Street, 6th Fl., New York, NY 10005 (212)
PF088 AICCO, Inc. NC License # B-434, VA License         770-2900 or (877) 902-4242 200 Old Country Road, Mineola, NY
#PF311                                                   11501 (516) 663-0129 or (877) 902-4242 1700 Market Street, Suite
                                                         2000, Philadelphia, PA 19103 (215) 255-6393 or (877) 902-4242
                                                         1200 Abernathy Road, NE, Suite 500, Bldg. 600, Atlanta, GA 30328
                                                         (770) 671-2219 or (877) 902-4242 99 High Street, 30th Fl., Boston,
                                                         MA 02110 (617) 457-2841 or (877) 902-4242 300 South Riverside
                                                         Plaza, Suite 2100, Chicago IL 60606 (312) 559-1410 or (877)
                                                         902-4242

A TOTAL PREMIUMS                          $674,231.00    BORROWER / INSURED(THE "INSURED")      Acct. No. _____
                                                         (Name, Address and Telephone Number)
                                                         Neose Techonologies Inc.                  215-141-5890
B CASH DOWN PAYMENT REQUIRED              $134,834.26    102 Witmer Road

C AMOUNT FINANCED (The Amount of Credit                  Horsham                             PA           19044
  Provided to Insured or on its behalf)   $539,396.74    E-Mail Address (optional): ___________________________

D FINANCE CHARGE                                         ANNUAL PERCENTAGE RATE 5.53%
  (Dollar amount credit will cost)        $ 12,504.23    (Cost of Credit figured as a yearly rate)

                                                                                  PAYMENT SCHEDULE

E FLORIDA DOCUMENTARY STAMP TAX           $      0.00

                                                         Amount of      Number of Payments
                                                            Each     ----------------------       1st       Final Payment
                                                          Payment    Annual   Qtrly   Mthly   Payment Due        Due
                                                         ---------   ------   -----   -----   -----------   -------------
F TOTAL PAYMENTS                                         61,322.33                      9      03/15/2006     11/15/2006
  (Amounts which will have been paid
  after making all scheduled payments)   $ 551,900.97
</TABLE>

                  SEE PAGE 3 FOR SCHEDULE OF FINANCED POLICIES

AGREEMENT OF INSURED (JOINT AND SEVERAL, IF MORE THAN ONE)

THE UNDERSIGNED INSURED:

1.   In consideration of the premium payments being financed and, if applicable,
     down payment being advance by LENDER to the Insurance companies listed on
     the SCHEDULE OF FINANCED POLICIES, or their representative, promises to pay
     to the order of LENDER the TOTAL OF PAYMENTS to be made in accordance with
     the PAYMENT SCHEDULE, and if applicable, the amount of any down payment
     advanced by LENDER, subject to the provisions set forth in this Agreement.

2.   a. Irrevocably appoints LENDER Attorney-in-Fact with full authority, in the
     event of default, to (i) cancel the said policies in accordance with the
     provisions herein, (ii) receive all sums assigned to LENDER and (iii)
     execute and deliver on behalf of the undersigned all documents, forms and
     notices relating to the insurance policies listed on the SCHEDULE OF
     FINANCED POLICIES in furtherance of this Agreement (Clauses (ii) and (iii)
     not applicable in Florida).

     b. If there is an amount listed as "Brokers Fee" in the Schedule of
     Policies, this fee is charged under Section 2119 of the New York Insurance
     Law or the Law, if any, of the state in which insured lives. This fee is
     charged for obtaining and servicing the Policy for where the risk to be
     insured under the Policy resides (Not applicable in Florida, Virginia,
     Maryland or North Carolina).

     c. A fee of $_____ none ______, which is not being financed, has been
     charged under the provisions of these Laws. If none has been charged, the
     word "none" is shown (Not applicable in Florida, Virginia, Maryland or
     North Carolina).

                   INSURANCE PREMIUM FINANCE AGREEMENT NOTICE

NOTICE: 1. Do not sign this Agreement before you read It or if It contains any
blank spaces. 2. You are entitled to a complete filled-in-copy of this
Agreement. 3. Under the law, you have the right to pay off in advance the full
amount due and under certain conditions obtain a partial refund of the service
charge. 4. Keep your copy of this Agreement to protect your legal rights.

NOTICE: See Pages 2 and 3 For Additional Important Information.

      THE INSURED AGREES TO THE PROVISIONS ABOVE AND ON PAGES 2 AND 3


03/03/06                                /s/ Illegible
DATE                                    ----------------------------------------
                                        SIGNATURE (AND TITLE) OF INSURED(S) OR
                                        AGENT OR BROKER ON THEIR BEHALF (to
                                        extent permitted by Law)

AGENT OR BROKER Aon Risk Services, Inc.(PHILA)

BUSINESS ADDRESS
     One Liberty Place
     1650 Market Street Suite 1000
     Philadelphia PA 19103

TEL. NO. /E-MAIL ADDRESS
     800-545-4301

The Undersigned Agent or Broker:

1.   Represents and warrants as follows: (a) to the best of the undersigned's
     knowledge and belief, the insured's signature is genuine or, to the extent
     permitted by applicable Law, the undersigned Agent or Broker has been
     authorized by the insured to sign this Agreement on their behalf, (b) the
     insured has received a copy of this Agreement, (c) the scheduled Policies
     are in full force and effect and the premiums indicated therefore are
     correct, (d) the insured may cancel all scheduled policies immediately upon
     request, (e) none of the Policies scheduled in the Agreement are
     non-cancelable, and (f) the down payment as indicated in Box "B" and
     installments totaling ___________ have been collected and are being
     retained by us.

2.   Upon cancellation of any of the scheduled Policies, the undersigned Agent
     or Broker agrees upon demand to pay to LENDER or its assigns their
     commission on any unearned premiums applicable to the cancelled Policies.

        THE AGENT OR BROKER AGREES TO THE PROVISIONS ABOVE AND ON PAGE 3


03/03/06                                /s/ Illegible
DATE                                    ----------------------------------------
                                        SIGNATURE AND TITLE OF AGENT OR BROKER
                                        Jr. V.P.


                                                                     Page 1 of 3

<PAGE>

     ADDITIONAL AGREEMENTS OF INSURED (JOINT AND SEVERAL, IF MORE THAN ONE)

3.   CANCELLATION. After the occurrence of a default in the payment of any money
     due the LENDER or a default consisting of a transfer to a third party of
     any of the scheduled policies, LENDER may request cancellation of the
     insurance policies listed in the schedule upon expiration of 10 days
     written notice of intent to cancel (13 days in New York, 15 days in
     Pennsylvania), provided said default is not cured within such period, and
     LENDER may proceed to collect the entire unpaid balance due hereunder or
     any part thereof by appropriate legal proceedings. If any default results
     in the cancellation of the Policy, insured agrees to pay a cancellation
     charge in accordance with applicable law (Maryland - difference between
     late charge and $100; North Carolina - None; Florida - None; Virginia -
     None).

4.   MONEY RECEIVED AFTER CANCELLATION. Any payment received after policy
     cancellation may be credited to the indebtedness due hereunder without any
     liability or obligation on the part of LENDER to request reinstatement of
     such cancelled policy. Any sum received from an insurance company shall be
     credited to the balance due hereunder; any surplus shall be paid over to
     the insured; in case of deficiency, the insured shall pay the same.
     (Maryland - LENDER may not collect from insured any amount less than $5
     after cancellation).

5.   APPLICATION OF PAYMENTS. If applicable law permits, all payments received
     by LENDER will be applied to the oldest invoice first. Any remaining
     amounts will be applied to late fees and other charges (if applicable), the
     remainder (if any) would be applied to any other outstanding amounts.

6.   RETURNED CHECK CHARGE. If any payment made by check is returned because the
     insured had no account or insufficient funds in the payor bank, insured
     will be charged the maximum fee, if any, permitted under applicable law
     (Maryland - $25; Florida - $15; Virginia - $20).

7.   DEFAULT. If any of the following happens: (a) a payment is not made when it
     is due, (b) a proceeding in bankruptcy, receivership, insolvency or similar
     proceeding is instituted by or against insured, or (c) insured fails to
     keep any promise to pay the insured makes in this Agreement; Insured will
     be in default; provided, however, that, to the extent required by
     applicable law, insured may be held to be in default only upon the
     occurrence of an event described in clause (a) above. Clauses (b) and (c)
     not applicable in Florida, Virginia or North Carolina.

8.   SECURITY. To secure payment of all amounts due under this Agreement,
     insured assigns LENDER a security interest in all right, title and interest
     to the Policy, including (but only to the extent permitted by applicable
     law): (a) all money that is or may be due insured because of a loss under
     the Policy that reduces the unearned premiums (subject to the interest of
     any applicable mortgagee or loss payee), (b) any return of the premium for
     the Policy, and (c) dividends which may become due insured in connection
     with the Policy. Clause (c) not applicable in Maryland.

9.   RIGHT TO DEMAND IMMEDIATE PAYMENT IN FULL. At any time after default,
     LENDER can demand and have the right to receive immediate payment (except
     to the extent otherwise provided by applicable law, in which case LENDER
     will have the right to receive such payment in accordance with such law) of
     the total unpaid balance due under this Agreement even if LENDER has not
     received any refund of unearned premium.

10.  WARRANTIES. Insured warrants to LENDER (a) to have received a copy of this
     Agreement and (b) if the insured is not an individual, that the signatory
     is authorized to sign this Agreement on behalf of the insured. The insured
     represents that it is not presently the subject of or in contemplation of a
     proceeding in bankruptcy, receivership, or insolvency, or if it is a debtor
     in bankruptcy, the Bankruptcy Court has authorized this transaction.

11.  EARLY PAYMENT. At any time, insured may pay the whole amount still unpaid.
     If insured pays the full amount before it is due, insured will be given a
     refund for the unearned Finance Charge computed by the method of refund as
     required by applicable law.

12.  ASSIGNMENTS. Insured may not assign the Policy or this Agreement without
     LENDER's written consent. However, insured does not need LENDER's written
     consent to add mortgagees or other persons as loss payees. LENDER may
     transfer its rights under this Agreement to anyone without insured's
     consent. All of LENDER's rights shall inure to the benefit of LENDER's
     successors and assigns.

13.  COLLECTION. If money is due and insured fails to pay, LENDER may collect
     the unpaid balance from insured without recourse to the security interest
     granted under this Agreement.

14.  LATE CHARGES. Upon default in payment of any installments for not less than
     five days (7 day in Virginia or such greater number of days required by
     applicable law), insured agrees to pay a late charge in accordance with
     applicable law. In no event shall such late charge exceed a maximum of 5%
     of such installment (greater of $25 or 1.5% in New Jersey; 5% in
     Massachusetts; $100 max in Maryland; greater of $10 or 5% in Florida).

15.  FINANCE CHARGE. The finance charge begins to accrue from the effective date
     of this Agreement or the earliest inception date of the Insurance
     Policy(ies) listed on the Schedule of Policies, whichever is earlier. If
     LENDER terminates this Agreement due to a default, Insured will pay
     interest on the outstanding indebtedness at the maximum rate authorized by
     applicable state law in effect on the date of cancellation and from said
     date until Insured pays the outstanding indebtedness in full to LENDER. To
     the extent permitted by applicable law, the Finance Charge may include a
     nonrefundable agreement charge not to exceed $20 ($10 in DE and NY; $12 in
     NJ; $15 in NC, RI, VA and SC; $16 in MA; $20 in FL).

16.  ATTORNEY'S FEES. If LENDER hires an attorney (which is not a salaried
     employee) to collect any money insured owes under this Agreement, insured
     will pay that attorney's fees and other collection costs (including
     collectors' fees) if and to the extent permitted by applicable law (20% of
     amount due in Florida).

17.  AGENT OR BROKER. The Agent or Broker named on the front of this Agreement
     is neither authorized by LENDER to receive installments payable under this
     Agreement nor is authorized to make any representations to insured on
     LENDER's behalf (except to the extent expressly required by applicable
     law).

18.  AMENDMENTS. If the insurance contract has not been issued at the time of
     the signing of this Agreement, and if the policies being financed are
     assigned risk policies or policies listed in a state fund, the policy
     numbers, if omitted herein, may be inserted in this Agreement after it has
     been signed (Maryland policies must show "Binder," cannot be blank).

19.  EFFECTIVE DATE. This Agreement will not go into effect until it is accepted
     by LENDER in writing.

20.  LIMITATION OF LIABILITY. Insured recognizes and agrees that LENDER is a
     lender and not an insurance company and that LENDER assumes no liability as
     an insurer hereunder. LENDER's liability for breach of any of the terms of
     this Agreement or the wrongful or improper exercise of any of its powers
     under this Agreement shall be limited to the amount of the principal
     balance outstanding, except in the event of LENDER's gross negligence or
     willful misconduct.

21.  GOVERNING LAW. The law of the State of the insured's residence shall govern
     this Agreement, except, for Maine insureds this contract is governed by the
     laws of the State of New York. For Virginia insured's this contract shall
     be governed by the laws of the State of Virginia.

22.  SIGNATURE AND ACKNOWLEDGEMENT. Insured has signed and received a copy of
     this Agreement. If the insured is not an individual, the undersigned is
     authorized to sign this Agreement on behalf of the insured. All the
     insured's listed in any Policy have signed. Insured acknowledges and
     understands that insurance premium financing law does not require an
     insured to enter into a premium financing agreement as a condition of the
     purchase of any insurance policy.

23.  ADDITIONAL INSURED. There is nothing in any Policy that would require
     Lender to notify or get the consent of any third party to effect
     cancellation of such Policy.


                                                                     Page 2 of 3

<PAGE>

       SCHEDULE OF POLICIES (Continue Schedule on Attachment if Necessary)

Place (X) If Not Authorized (See #3 below)

<TABLE>
<CAPTION>
                              FULL NAME OF
                          INSURANCE COMPANY AND
    POLICY             NAME AND ADDRESS OF POLICY
  NUMBER AND            ISSUING AGENT OR COMPANY     TYPE OF                      TERM IN     EFFECTIVE
    PREFIX               OFFICE TO WHICH PREMIUM      POLICY   AUDIT    EARN %   MOS. COV.      DATE        POLICY
  (ITEMIZED)     X    IS PAID AND NOTICES ARE SENT   PREMIUM    INFO   MINIMUM    BY PREM.    M/ D/ Y/     PREMIUMS
-------------   ---   ----------------------------   -------   -----   -------   ---------   ----------   ----------
<S>             <C>   <C>                            <C>       <C>     <C>       <C>         <C>          <C>
DOC3649514-05         C: Zurich American Insurance   D&O:0               0.00        12      02/15/2006   175,000.00
                         Co
                         Phila - PA
DAO15296305           C: Twin City Fire Ins Co       XS1:0               0.00        12      02/15/2006   131,250.00
                         King of Prussia, PA
ELU088153-05          C: XL Specialty Insurance      XS2:0               0.00        12      02/15/2006   100,000.00
                         Company
                         Wilmington, DE
564CM0371             C: St Paul Mercury Insurance   EPL:0               0.00        12      02/15/2006    13,500.00
                         Co
                         Richmond VA
464CF0142             C: St Paul Mercury Insurance   FDB:0               0.00        12      02/15/2006     4,000.00
                         Co
                         Richmond VA
464CF0142             C: St Paul Mercury Insurance   CRI:0               0.00        12      02/15/2006     9,470.00
                         Co
                         Richmond VA
3578-75-89            C: Federal Insurance Co        PKG:0       A       0.00        12      02/15/2006   141,010.00
                         Philadelphia, PA
7498-58-74            C: Federal Insurance Co        AUT:0               0.00        12      02/15/2006     8,381.00
                         Philadelphia, PA
7163-47-88            C: Federal Insurance Co        WMC:0       A       0.00        12      02/15/2006    71,365.00
                         Philadelphia, PA            State
                                                     Tax                                                      230.00
7324-31-56            C: Great Northern Ins Co       PKG:0       A       0.00        12      02/15/2006     7,400.00
                         Philadelphia PA
7981-37-18            C: Great Northern Ins Co       UMB:0               0.00        12      02/15/2006    12,625.00
                         Philadelphia PA
                                                                                                          ----------
*(AR=ASSIGNED RISK), (A=AUDITABLE), (LS=LOSS SENSITIVE)                                      TOTAL
                                                                                             PREMIUMS
                                                                                             (Record
                                                                                             in "A")      674,231.00
                                                                                                          ==========
</TABLE>

           ADDITIONAL REPRESENTATIONS & WARRANTIES OF BROKER OR AGENT

3.   Warrants that it is the authorized Policy issuing agent of the insurance
     companies or the broker placing the coverage directly with the insurance
     company on all the Policies scheduled except those indicated with an "X"
     above.

4.   Warrants that there are no policies included in this Agreement which are
     subject to audit, report of values, retrospective rating, or minimum earned
     premium, except as indicated below, and that, if there are any, the deposit
     or provisional premium thereon is not less than the anticipated premium to
     be earned for the full term of the policy.
     POLICY NO.(S):___________ MINIMUM EARNED PREMIUM, IF ANY: $______________

5.   Warrants that there are no assigned risk policies in the Schedule of
     Policies except as indicated in the Schedule of Policies.

6.   The Agent or Broker will hold in trust for LENDER any payments made or
     credited to the insured through the Agent or Broker directly, indirectly,
     actually or constructively, by any of the insurance companies listed in the
     Schedule of Policies and will pay the monies to LENDER upon demand to
     satisfy the then outstanding balance hereunder.

7.   The Agent or Broker will promptly notify LENDER in writing if any
     information on this Agreement becomes inaccurate.

8.   Warrants that all material information concerning the insured and the
     policies necessary for Lender to cancel the policies and receive the
     unearned premium has been disclosed to Lender.

9.   There is nothing in any Policy that would require Lender to notify or get
     the consent of any third party to effect cancellation of such Policy.


                                                                     Page 3 of 3