X0201 4 2003-11-25 0 0000877902 NEOSE TECHNOLOGIES INC NTEC 0001177093 BLACK BEAR OFFSHORE MASTER FUND LTD 0 0 1 0 Common Stock 2003-11-25 4 P 0 1663 7.99 A 2176123 D Black Bear Offshore Master Fund Limited ("Filer") disclaims membership in a group with any other person within the meaning of Rule 13d-5(b)(i) and Rule 16a-1(a)(l) under the Securities Exchange Act of 1934, as amended. Eric Sippel 2003-11-26