NeoPharm, Insys complete merger

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.