NeoPharm says first-quarter net loss decreases to $8.1 million

By Lisa Kerner

Erie, Pa., May 5 - NeoPharm, Inc. reported a net loss of $8.1 million, or $0.30 per basic and diluted share, a 26% improvement over the previous year's first-quarter net loss of $10.9 million, or $0.46 per basic and diluted share.

As of March 31, the company had cash, cash equivalents, and short-term investments on hand of $59.8 million, up from the $30.3 million as of Dec.31.

NeoPharm attributed the increase to the $38.7 million in net proceeds from the sale of 4.025 million shares of common stock on Jan. 10.

"We continue to make preparations to move ahead in the event that positive results are achieved in the Precise trial," president and chief executive officer Guillermo A. Herrera said in a company news release.

"Additionally, we continue to maintain our commitment to our NeoLipid liposome platform, and have taken steps to further focus our efforts on increasing the probability of success and commercial opportunity of our two lead liposomal drug product candidates, LEP-ETU and LE-SN38."

For 2006, the company is projecting a net loss range of $36 million to $38 million, or $1.32 to $1.39 per share.

NeoPharm believes that the cash, cash equivalents, and short-term investments on hand as of March 31 can support the company's activities through the fourth quarter of 2007 at current and projected levels activity.

Located in Waukegan, Ill, NeoPharm is a biopharmaceutical company focused on cancer drugs for therapeutic applications.

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