Neoprobe Completes Sale Of Gamma Detection Device Business To Devicor Medical Products
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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV