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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.