LAKE BLUFF, Ill.--(BUSINESS WIRE)-- NeoPharm, Inc. (Other OTC: NEOL.PK), a biopharmaceutical company dedicated to the research, development and commercialization of new and innovative therapeutic applications of drugs for cancer and other diseases, today announced it has completed its merger with Insys Therapeutics, Inc., a Phoenix, AZ based pharmaceutical company.
The combined company creates a near-term commercial organization with a pipeline focused in the pain and oncology space. The company intends to prioritize the combined portfolio of product candidates and focus on taking LEP-ETU into Phase III, while it works towards its NDA submission of the fentanyl sublingual spray. The anticipated filing date is slated for the first quarter of 2011.
President Michael Babich commented, “We are delighted to have reached this agreement to combine two companies that have a promising base of both pain and oncology products. We plan to file our NDA in the coming months for our sublingual fentanyl spray that has demonstrated onset of action in five minutes, far superior to currently marketed products for break through cancer pain. The US market for this product is a half billion dollar opportunity, and the product’s ease of use will be welcomed by both doctors and patients who suffer from break through cancer pain.”
In addition, NeoPharm intends to change the name of the combined entity to Insys Therapeutics and the Insys boards of directors and management team have replaced those of NeoPharm. The company plans on hosting a teleconference in the upcoming weeks to discuss its pipeline and strategy.
For additional inquiries, please contact Michael Babich at (602) 910-2617.
About NeoPharm, Inc.
NeoPharm, Inc., based in Lake Bluff, Illinois, is a biopharmaceutical company dedicated to the research, development and commercialization of new and innovative cancer and other drugs for therapeutic applications. Additional information can be obtained by visiting NeoPharm's web site at www.neopharm.com.
About Insys Therapeutics, Inc.
Insys Therapeutics, Inc., based in Phoenix, Arizona, is a biopharmaceutical company focused on discovering, developing and commercializing innovative products to address chemotherapy-induced nausea and vomiting (CINV), pain management and other central nervous system disorders. It seeks to apply new and proprietary formulations and delivery methods to existing pharmaceutical compounds in order to achieve enhanced efficacy, faster onset of action, reduced side effects, convenient delivery and increased patient compliance. Its drug development program is based on existing compounds with known safety, efficacy and commercialization histories. Additional information can be obtained by visiting Insys’s website at: www.insysrx.com
Forward Looking Statements - This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The Company has tried to identify such forward-looking statements by use of such words as "expects," "intends," "hopes," "anticipates," "believes," "could," "may," "evidences" and "estimates," and other similar expressions, but these words are not the exclusive means of identifying such statements. Such statements include, but are not limited to, any statements relating to the Company's strategic review of projects and operations, the Company's drug development programs, the initiation, progress and outcomes of clinical trials of the Company's drug product candidates, and any other statements that are not historical facts. Such statements involve risks and uncertainties, including, but not limited to, those risks and uncertainties relating to difficulties or delays in financing, development, testing, regulatory approval, production, and marketing of the Company's drug compounds, the Company's ability to evaluate the strategic alternatives available to the Company and to cut back on its funding of certain of its development projects in order to conserve its cash resources, the ability of the Company to procure additional future sources of financing, unexpected adverse side effects or inadequate therapeutic efficacy of the Company's drug compounds, that could slow or prevent products coming to market, uncertainty regarding the Company's ability to market its drug products, the uncertainty of patent protection for the Company's intellectual property or trade secrets, and other risks of the type previously detailed in filings the Company made with the Securities and Exchange Commission ("SEC"). Such statements are based on management's current expectations, but actual results may differ materially due to various factors, including those risks and uncertainties mentioned or referred to in this press release. At the Company's request, the Company's obligation to file reports with the SEC was suspended effective February 12, 2009. For the foregoing reasons, you should not rely on these forward-looking statements or on previously filed SEC reports as a prediction of actual future results.
Michael Babich, (602) 910-2617
KEYWORDS: United States North America Arizona Illinois
INDUSTRY KEYWORDS: Health Biotechnology Clinical Trials Hospitals Pharmaceutical Research FDA Science