NeoPharm has reported a net loss of $1.9 million for the second quarter ended June 30, 2009, as compared to a net loss of $2 million for the same period last year. The company has reported a net loss of $4.2 million for the six months ended June 30, 2009, as compared to a net loss of $3.6 million for the same period last year.
The company claims that the increase in its net loss is primarily due to rise in clinical trial and preclinical development activities, as the company continued progress of its current drug compounds to their next stages of development.
Laurence Birch, president and CEO of NeoPharm, said: “I am pleased to say, that our team continues to execute against our strategy to unlock the value of NeoPharm’s abundant intellectual property resources. In mid-July 2009, we received approval from the Directorate General of Health Services Office of Drugs Controller General (India) (“DCGI”) to expand our Phase II trial for LEP-ETU in India and have already seen promising preliminary data from the first part of this study. Additionally, we have engaged an independent clinical trial firm to audit the results from the first part of the study, and expect the results of that audit in the second half of the year.
“We are also making headway in our Phase I trial for LE-DT and have submitted a Phase II protocol for prostate cancer to the FDA. On the Research and Development front, we remain on track to file an investigative new drug application (IND) for IL-13 for Idiopathic Pulmonary Fibrosis (IPF) and also LE-rafAON in the second half of the year,” he added.
Illinois based NeoPharm is a publicly-traded biopharmaceutical company, engaged in the research, development and commercialization of drugs for therapeutic applications.