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LAKE BLUFF, Ill., Dec 03, 2009 (BUSINESS WIRE) -- NeoPharm, Inc. (Other OTC: NEOL.PK), announced today that it has reached a settlement agreement with Diosynth, RTP ("Diosynth"). As previously noted, NeoPharm reported that it had entered into various contractual arrangements with Diosynth to secure access to manufacturing capacity for the potential manufacture and regulatory advancement of Cintredekin Besudotox through early 2008.
On April 11, 2007, NeoPharm invoked the dispute resolution provisions of the contract to resolve differences between the two companies, by requesting a meeting of senior executives. On November 14, 2008, Diosynth filed a request for mediation.
On December 2, 2009, the parties entered into a Settlement Agreement to settle the dispute and avoid further mediation and arbitration. As part of the agreement, NeoPharm has agreed to pay Diosynth $150,000.
Dr. Aquilur Rahman, President and Chief Executive Officer of NeoPharm, Inc. commented, "I am pleased that we have reached an amicable outcome with Diosynth. By putting this behind us, we are able to focus solely on the development of our robust drug candidates which are in various stages of clinical development. Going forward, we expect to maintain a solid, working relationship with Diosynth."
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's drug development programs, the initiation, progress, and outcomes of clinical trials of the Company's drug product candidates including, but not limited to Cintredekin Besudotox, and 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, including, but not limited to, Cintredekin Besudotox, 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, including, but not limited to, Cintredekin Besudotox, 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, Cintredekin Besudotox, and other risks of the type previously detailed from time to time in filings the Company formerly 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 our previously filed SEC reports as a prediction of actual future results.
SOURCE: NeoPharm, Inc.
NeoPharm, Inc.
Martin K. McCarthy
847-887-0800
Copyright Business Wire 2009
