NeoPharm program to reduce expenses by $7 million

By Lisa Kerner

Erie, Pa., April 28 - NeoPharm, Inc. started a cost rationalization program designed to reduce expenses by about $7 million on an annualized basis, according to a company news release.

The company has reduced its workforce by 23% to eliminate redundant or unnecessary positions, resulting in projected annualized payroll savings of about $3 million.

Additional cost-saving measures include reprioritization of the NeoLipid development program and consolidation of all operations into the company's Waukegan, Ill., headquarters location, the company said.

NeoPharm is a biopharmaceutical company that researches and develops cancer drugs.

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