More (and less) than meets the eye

Despite its dwindling cash position, NeoPharm Pharmaceuticals Inc. (NEO) has reversed its financial situation through a deal with Pharmacia & Upjohn Inc. covering NEO's Liposomal Encapsulated Paclitaxel (LEP) and Liposomal Encapsulated Doxorubicin (LED).

Although the announcement last week contained nice, but not unusual terms, it gave no hint that NEO had come down to the 11th hour and was running nearly on fumes. The company lost $683,000 in the third quarter, leaving it with a mere $755,000 in cash at Sept. 30...