Merrill Lynch maintains NeoPharm at buy

NeoPharm, Inc. was maintained by Merrill Lynch analyst David Munno at a buy rating after the company announced the 100th death in the phase 3 Precise trial of IL-13PE38 versus Gliadel in glioblastoma multiforme has been reached. Merrill Lynch said it is cautiously optimistic that timing of the 100th death futility analysis may be due to better-than-expected survival among IL13 patients, but it is a dangerous analysis. Results may show Gliadel patients could also be surviving longer, Merrill Lynch said. The iDMC could recommend the trial continue as planned, expand enrollment by 75 patients or stop. Merrill Lynch said the trial expansion is more than likely. More patients and better powering could increase the probability of achieving the final primary endpoint. Shares of the Lake Forest, Ill., biopharmaceutical company were up 25 cents, or 2.47%, at $10.37 on volume of 170,875 shares versus the three-month running average of 306,591 shares.

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