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Neoprobe Announces 2011 Annual Meeting Results

Stocks in this article: NEOP

Neoprobe Corporation (NYSE Amex: NEOP), a diversified developer of innovative oncology surgical and diagnostic products, today announced the results of voting at its 2011 Annual Meeting of Stockholders (the Annual Meeting).

At the Annual Meeting, Neoprobe’s stockholders:

  • Approved the sale of the neoprobe ® GDS gamma detection device business to Devicor Medical Products, Inc. for $30 million in upfront consideration plus an additional $20 million in potential royalties based on future sales milestones;
  • Elected as Directors of the Company for the first time, Neoprobe President and CEO, Mark J. Pykett, V.M.D., Ph.D., Peter F. Drake, Ph.D. and Jess Emery Jones, M.D. for terms ending at the 2014 Annual Meeting (Drs. Drake and Jones had previously been appointed as Directors in March 2011);
  • Approved an amendment to the Company’s Amended and Restated 2002 Stock Incentive Plan (the Plan) to increase the maximum number of shares under the Plan from 7 million shares to 10 million shares and to extend the term of the Plan through March 7, 2015;
  • Approved an advisory vote, commonly known as "Say-on-Pay." The non-binding proposal gives stockholders the opportunity to endorse or not endorse executive pay programs and policies. Stockholders also voted that executive compensation should be voted on every three years; and,
  • Ratified the appointment of BDO USA, LLP to act as the Company’s independent registered public accounting firm for 2011.

“More than 90% of the Company's outstanding stock was voted at this meeting," commented Dr. Pykett. "For a company with such a broad constituency of retail stockholders, this level of voter involvement is encouraging," Dr. Pykett continued. "The sale of our GDS Business was approved by 67% of the outstanding shares of the Company with 98% of the shares voting on the matter doing so in favor of the sale. The outcome of the device unit sale improves our balance sheet substantially, de-risks our financial position in a time of market turmoil, and provides clear mandate to proceed with our strategy to re-craft the Company into a specialty radiopharmaceutical development and commercialization company."

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