UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 3

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

1.  Name and Address of Reporting Person

    John P. Curran
    237 Park Avenue
    New York, New York 10017

2.  Date of Event Requiring Statement (Month/Day/Year)

    December 31, 1998

3.  IRS Number of Reporting Person
    (Voluntary)


4.  Issuer Name and Ticker or Trading Symbol

    Neopharm, Inc. (NEO)

5.  Relationship of Reporting Person(s) to Issuer (Check all
    applicable)

    ( ) Director (X) 10% Owner ( ) Officer (give title
    below) ( ) Other
    (specify below)

6.  If Amendment, Date of Original (Month/Day/Year)

7.  Individual or Joint/Group Filing (Check Applicable Line)

   (X) Form filed by One Reporting Person
   ( ) Form filed by More than One Reporting Person
   

     Table I -- Non-Derivative Securities Beneficially Owned

1. Title of Security 2. Amount of    3. Ownership     4. Nature of Indirect
                        Securities      Form:            Beneficial Ownership
                        Beneficially    Direct(D) or 
                        Owned           Indirect(I) 

    Common Stock        792,800*          (I)             General Partner or
                                                          Investment Manager





            Table II -- Derivative Securities Beneficially Owned

                                                                        
1.Title of     2.Date Exer-    3.Title and Amount     4. Conver-      5. Ownership     6. Nature of
  Derivative     cisable and     of Securities           sion or         Form of          Indirect
  Security       Expiration      Underlying              Exercise        Derivative       Beneficial
                 Date            Derivative Security     Price of        Security:
                 Ownership
                 (Month/Day/      ---------------        Deri-           Direct(D) or
                 Year)           Title   Amount or       vative          Indirect (I)
               ---------------           Number of       Security
               Date    Expira-           Shares
               Exer-   tion
               cisable Date

Warrants        N/A  1/25/01   Common   104,000*          $9.80            (I)          General Partner
                                                                                        or Investment
                                                                                        Manager





Explanation of Responses:

*   The Reporting Person disclaims beneficial ownership of these
securities except to the extent of his pecuniary interest
therein.

SIGNATURE OF REPORTING PERSON


/s/  John P. Curran
___________________________
  John P. Curran

Date:
March 1, 1999















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