NeoPharm Announces Delivery of Its First Customized NeoPhectin Formulation

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NeoPharm Announces Delivery of Its First Customized NeoPhectin Formulation
June 23, 2005
LAKE FOREST, Ill.--(BUSINESS WIRE)--NeoPharm, Inc. (Nasdaq:NEOL) today announced that it has delivered its first customized NeoPhectin(TM) formulation, pursuant to a previously announced Collaboration Agreement involving the Company's cationic cardiolipin-based NeoPhectin(TM) technology, part of NeoPharm's innovative NeoLipid(TM) technology platform. NeoPharm has provided its collaboration partner, a privately-held biotechnology company, a customized NeoPhectin(TM) formulation for its compounds, triggering the final $350,000 milestone payment. The milestone amount will be recognized as revenue in NeoPharm's second quarter results for the period ended June 30, 2005, and is expected to be received within the next 30 days. The collaboration partner is responsible for all future development costs of the customized formulation. NeoPharm is currently negotiating a licensing agreement for the commercial development of the compound by its collaboration partner.
NeoPharm has developed novel cationic cardiolipin analogues in order to enhance the capability of delivering nucleic acids, including antisense and siRNA. These analogues form the backbone of the technology for efficient delivery. Customized NeoPhectin(TM) formulation is based on the entrapment of nucleic acid molecules leading to the ready-to-use formulation, providing a comprehensive solution for a wide variety of drug development challenges.
About NeoPhectin(TM)
NeoPhectin(TM) and NeoPhectin-AT(TM), two novel transfection reagents, are an outgrowth of NeoPharm's lipid development program and uses NeoPharm's proprietary cationic (positively charged) cardiolipin technology. NeoPhectin(TM) and NeoPhectin-AT(TM) have small, stable, homogeneous, ready-to-use liposomes that have shown reduced toxicity to cells and animals and are able to deliver siRNA, plasmid DNA and antisense both in vitro and in vivo, respectively. The NeoPhectin(TM) family of products was developed by NeoPharm scientists. Additional information can be obtained by visiting www.neophectin.com.
About NeoPharm, Inc.
NeoPharm, Inc., based in Lake Forest, Illinois, is a publicly traded biopharmaceutical company dedicated to the research, development and commercialization of new and innovative cancer drugs for therapeutic applications. The Company has a portfolio of cancer compounds in various stages of development. Additional information can be obtained by visiting NeoPharm's Website at www.neophrm.com.