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Biotech spent 2Q in poor health.(NeoPharm Inc.'s securities)
Crain's Chicago Business, July, 2004 by Murphy, H. Lee
Byline: H. LEE MURPHY The past few months have been painful for NeoPharm Inc. The developer of cancer drugs lost an arbitration proceeding against a major drugmaker. It received notice that the U.S. Securities and Exchange Commission was launching an inquiry into public statements by management concerning the prospects for some of its products.
Then the company changed CEOs. The cascading events sent investors to the exits, as Neo-Pharm's stock dropped 45% in the second quarter to settle at $10.33. The decline paralleled similar meltdowns at a couple of other Chicago-area biotechnology firms. Vernon Hills-based Immtech International Inc. and American Pharmaceutical Partners Inc. of Schaumburg both saw their shares fall more than 30%, despite favorable...
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