NeoPharm of Waukegan, IL announced late Friday that it was cutting about a quarter of its workforce in a wider effort to reduce expenses by $7 million a year. NeoPharm also said it was concentrating its workers in its headquarters and reprioritizing "the NeoLipid development program to reflect the changing market landscape and regulatory requirements." Just last week NeoPharm had touted the survival data of a study of its experimental drug for reducing the size of brain tumors. At least one analyst, however, wasn't overly impressed by the results. NeoPharm expects the drug to go to the FDA for a decision later this year.
- here's the release on the restructuring
- read the report from the Chicago Tribune on the company's drug prospects