The global scenario is now supporting the development of modern drugs from less toxic plant products with proven medicinal properties. Each part of neem plant [Azadirachta indica A. Juss] reportedly have various medicinal properties and has been in use in many continents for centuries. Recently, a fractionated neem-leaf extract known as IRAB with reported activities against Malaria, HIV/AIDS and cancer has been developed into a drug and currently marketed in Nigeria as IRACAP. This paper reviews the medicinal properties, clinical studies and safety concerns of this fractionated acetone-water neem leaves extract as a footstep to further studies both on the extract and/or its chemical constituents.