NeoPharm Names Dr. Aquilur Rahman as President and CEO
LAKE BLUFF, Ill., Oct 29, 2009 (BUSINESS WIRE) -- NeoPharm, Inc. (Other OTC: NEOL.PK) today announced the appointment of Dr. Aquilur Rahman to the position of President and CEO of the Company, succeeding Laurence P. Birch, who is stepping down as President and CEO to pursue other opportunities.
Dr. Rahman's association with the Company goes back to the organization of NeoPharm itself. Dr. Rahman is one of the founders of NeoPharm, Inc., and currently serves as the Company's Chief Scientific Advisor. In addition to helping take NeoPharm public in 1996, Dr. Rahman served as the Chief Scientific Officer and a member of the Board of Directors from 1990 until 2001, returning to the Company in 2007. Since returning, Dr. Rahman has played a key role as an advisor for the Company's research and development activities.
"I welcome the opportunity to again assume a leadership role with NeoPharm at this critical time in the Company's history. NeoPharm currently has several drug product candidates in various stages of development and I am committed to putting forth every effort to further the development of these promising drugs and therapies," said Dr. Rahman.
"Dr. Rahman is one of the foremost scientific minds currently engaged in liposomal research and development and his expertise and reputation in the area of cancer therapeutics within the scientific community will be a true asset for NeoPharm as we enter a crucial phase in the development of the Company's drug product candidates," said John Kapoor, Chairman of the Board.
Dr. Kapoor added that "The Board would like to express our sincere thanks to Larry Birch for his efforts on behalf of NeoPharm over the last two and one-half years. Larry has exercised a steadying influence and we wish him continued success in his future endeavors."
Mr. Birch added, "I am thrilled to have been part of restructuring this very promising company and I'm proud of our accomplishments to date, reorganizing the Company and minimizing our use of cash resources while continuing to move Dr. Rahman's drug development programs forward. I know that I am leaving NeoPharm in good hands with Dr. Rahman."
About NeoPharm, Inc.
NeoPharm, Inc., based in Lake Bluff, Illinois, is a publicly traded biopharmaceutical company dedicated to the research, development and commercialization of new and innovative cancer and other drugs for therapeutic applications.Additional information, including ongoing clinical trials, can be obtained by visiting NeoPharm's Web site at www.NeoPharm.com.
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," "projects," "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'sdrug development programs, the initiation, progress, and outcomes of clinical trials of the Company's drug product candidatesand any other statements that are not historical facts.Such statements involve risks and uncertainties, including, but not limited to, risks and uncertainties relating to difficulties or delays that may arise in the development, testing, regulatory approval, production, and marketing of the Company's drug and non-drug compounds, the Company's possible need to reduce 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 product candidates that could slow or prevent products coming to market, uncertainty regarding the Company's ability to commercialize any of its drug product candidates, including, but not limited to, LE-DT, and other risks of the type previously detailed from time to time in filings the Company formerly made with the Securities and Exchange commissions ("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 our previously filed SEC reports as a prediction of actual future results.