Neoprobe Completes Sale of Gamma Detection Device Business to Devicor Medical Products
17 Agosto 2011 - 3:30PM
Business Wire
Neoprobe Corporation (NYSE Amex: NEOP), a diversified developer
of innovative oncology surgical and diagnostic products, announced
today that it completed the previously announced sale of its
neoprobe® GDS line of gamma detection device systems to Devicor
Medical Products, Inc. (Devicor) for $30 million in upfront
consideration, plus up to an additional $20 million in royalties
based on Devicor’s achievement of certain revenue milestones. The
sale was approved by Neoprobe’s stockholders on August 15th at the
Company’s Annual Meeting.
“With the completion of this sale, Neoprobe transforms into a
pure-play radiopharmaceutical company centered on development and
commercialization of novel diagnostic and treatment agents for
cancer and other significant disease areas,” said Dr. Mark Pykett,
Neoprobe President and CEO. “We now turn our focus squarely on the
near-term goal of supporting the regulatory review and approval of
Lymphoseek® (tilmanocept), on preparing for Lymphoseek’s
commercialization and on actively moving forward with other
pipeline development opportunities including the in-licensing or
acquisition of other attractive agents and our efforts surrounding
RIGScan™.”
“As we have highlighted previously, this agreement adds
immediate strength to our balance sheet with the potential of
significantly more value for shareholders tied to the continued
growth of the GDS business under the strong marketing and sales
direction of Devicor,” said Brent Larson, Neoprobe Senior Vice
President and CFO. “The sale provides Neoprobe with financial
flexibility to continue development of our current pipeline
products, while aggressively pursuing other product candidates that
fit within our strategic direction of building a strong
radiopharmaceutical-focused company.”
Earlier this month the Company announced that it had submitted a
New Drug Application (NDA) for Lymphoseek to the U.S. Food and Drug
Administration (FDA). Neoprobe seeks clearance to market Lymphoseek
in the United States for use in Intraoperative Lymphatic Mapping, a
surgical oncology procedure in which lymph nodes draining the area
around a tumor are identified and biopsied to determine if cancer
has spread to the lymph nodes. The Company expects to receive
notification from FDA regarding acceptance status of the NDA within
60 days from the date of submission.
About Neoprobe
Neoprobe is a biomedical company focused on development of
precision diagnostics that enhance patient care and improve patient
benefit. Neoprobe is actively developing and commercializing
targeted agents aimed at the identification of occult (undetected)
disease. The Company’s two lead radiopharmaceutical agent platforms
– Lymphoseek® and RIGScan™ – are intended to help surgeons better
identify and treat certain types of cancer. In achieving its goals,
our business model leverages collaborations and partnerships with
world-class institutions, manufacturing concerns and distribution
entities. Neoprobe’s strategy is to deliver superior growth and
stockholder return by bringing to market novel radiopharmaceutical
agents and advancing the Company’s pipeline programs through
continued investment and selective acquisition or in-licensing of
complementary technologies. For more information, please visit
www.neoprobe.com.
The Private Securities Litigation Reform Act of 1995 (the Act)
provides a safe harbor for forward-looking statements made by or on
behalf of the Company. Statements in this news release, which
relate to other than strictly historical facts, such as statements
about the Company’s plans and strategies, expectations for future
financial performance, new and existing products and technologies,
anticipated clinical and regulatory pathways, and markets for the
Company’s products are forward-looking statements within the
meaning of the Act. The words “believe,” “expect,” “anticipate,”
“estimate,” “project,” and similar expressions identify
forward-looking statements that speak only as of the date hereof.
Investors are cautioned that such statements involve risks and
uncertainties that could cause actual results to differ materially
from historical or anticipated results due to many factors
including, but not limited to, the Company’s continuing operating
losses, uncertainty of market acceptance of its products, reliance
on third party manufacturers, accumulated deficit, future capital
needs, uncertainty of capital funding, dependence on limited
product line and distribution channels, competition, limited
marketing and manufacturing experience, risks of development of new
products, regulatory risks and other risks detailed in the
Company’s most recent Annual Report on Form 10-K and other
Securities and Exchange Commission filings. The Company undertakes
no obligation to publicly update or revise any forward-looking
statements.
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