NeoPharm, Inc. Eliminates Preferred Rights Plan

LAKE BLUFF, Ill.--(Business Wire)--
NeoPharm, Inc. (Pink Sheets: NEOL), today announced that its Board of Directors
has approved the termination of its preferred rights plan, commonly known as a
"poison pill." The Board's action will accelerate the current expiration date of
the preferred rights plan from July 28, 2013 to May 1, 2009.

"We believe that the Board`s decision to eliminate NeoPharm`s preferred rights
plan is in the best interest of all parties involved at this time, and will
better enable the Company to create long-term value for our shareholders," said
Laurence P. Birch, President and Chief Executive Officer of NeoPharm.

About NeoPharm, Inc.

NeoPharm, Inc., based in Lake Bluff, Illinois, is a publicly traded
biopharmaceutical company dedicated to the research, development and
commercialization of new and innovative cancer and other drugs for therapeutic
applications. Additional information can be obtained by visiting NeoPharm's web
site at www.neopharm.com.

Forward Looking Statements - This press release contains "forward-looking
statements" within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. The Company has tried to
identify such forward-looking statements by use of such words as "expects,"
"intends," "hopes," "anticipates," "believes," "could," "may," "evidences" and
"estimates," and other similar expressions, but these words are not the
exclusive means of identifying such statements. Such statements include, but are
not limited to, any statements relating to the Company's preferred rights plan,
financial projections, and any other statements that are not historical facts.
Such statements involve risks and uncertainties, including, but not limited to,
those risks and uncertainties arising from the Company`s decision to revoke the
preferred rights plan, difficulties or delays in financing, development,
testing, regulatory approval, production, and marketing of the Company's drug
compounds, the Company's financial guidance and projections, the Company's
ability to evaluate the strategic alternatives available to the Company and to
cut back on its funding of certain of its development projects in order to
conserve its cash resources, the ability of the Company to procure additional
future sources of financing, unexpected adverse side effects or inadequate
therapeutic efficacy of the Company's drug compounds, uncertainty regarding the
Company's ability to market its drug products, the uncertainty of patent
protection for the Company's intellectual property or trade secrets, and other
risks detailed from time to time in filings the Company makes with the
Securities and Exchange Commission ("SEC"). Such statements are based on
management's current expectations, but actual results may differ materially due
to various factors, including those risks and uncertainties mentioned or
referred to in this press release, and in the Company's most recent annual
report on Form 10-K for the calendar year ended December 31, 2007, as the same
have been subsequently updated by the Company in quarterly reports on Form 10-Q
through the Form 10-Q for the third quarter of 2008. At the Company's request,
the Company's obligation to file additional reports on Forms 10-K, 10-Q and 8-K
with the SEC was suspended effective February 12, 2009 upon the Company's filing
of Form 15, "Certification and Notice of Termination of Registration under
Section 12(g) of the Securities Exchange Act of 1934 or Suspension of Duty to
File Reports under Sections 13 and 15(d) of the Securities Exchange Act of 1934.
Accordingly, you should not rely on these forward-looking statements as a
prediction of actual future results.

NeoPharm, Inc.
Laurence P. Birch
President & CEO
847-887-0800
lbirch@neopharm.com

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