Neoprobe Corporation (OTCBB: NEOP), a diversified developer of innovative biomedical surgical oncology products, today announced that Ohio’s Third Frontier Commission has voted to award a grant of $1 million to fund ongoing development of Neoprobe’s Lymphoseek ® radiopharmaceutical initiative, subject to the review of the State Controlling Board. The Ohio Third Frontier grant will be used to accelerate clinical testing for Neoprobe’s Phase 3 trial in patients diagnosed with head and neck squamous cell carcinoma. This trial is intended to expand the proposed product labeling for Lymphoseek following an initial broader product label. Neoprobe was among eight companies awarded Medical Imaging Program grants by the Commission.

Frederick O. Cope, Ph.D., Neoprobe’s Vice President of Pharmaceutical Research and Clinical Development, said, “In selecting Neoprobe, the Ohio Third Frontier will help us accelerate the application of Lymphoseek into head and neck cancer treatment and other cancer types and help patients who otherwise might not receive this innovative treatment. We are excited to have been recommended to receive funds from the Ohio Third Frontier for our clinical program, demonstrating Ohio’s strong commitment to furthering economic development in the biotechnology industry in this region.”

Neoprobe’s Lymphoseek initiative involves a collaboration of several Ohio-based companies as well as leading cancer centers across the United States and in Europe. Neoprobe’s collaborators on this grant included Cardinal Health, Inc. (Dublin, OH), Phylogeny, Inc. (Columbus, OH), StatKing Consulting (Fairfield, OH) and Integrated Bioscience Solutions, LLC (Loveland, OH).

Lymphoseek is a proprietary radioactive tracing agent being developed for use in connection with gamma detection devices in a surgical procedure known as Intraoperative Lymphatic Mapping. A Phase 3 multi-center clinical trial for Lymphoseek in patients with breast cancer or melanoma has been successfully completed and a second Phase 3 clinical study to evaluate the efficacy of Lymphoseek as a sentinel lymph node tracing agent in patients with head and neck squamous cell carcinoma is underway.

About Neoprobe

Neoprobe is a biomedical company focused on enhancing patient care and improving patient outcome by meeting the critical intraoperative diagnostic information needs of physicians and therapeutic treatment needs of patients. Neoprobe currently markets the neoprobe ® GDS line of gamma detection systems that are widely used by cancer surgeons. In addition, Neoprobe holds significant interests in the development of related biomedical systems and radiopharmaceutical agents including Lymphoseek ® and RIGScan CR. Neoprobe’s subsidiary, Cira Biosciences, Inc., is also advancing a patient-specific cellular therapy technology platform called ACT. Neoprobe’s strategy is to deliver superior growth and shareholder return by maximizing its strong position in gamma detection technologies and diversifying into new, synergistic biomedical markets through continued investment and selective acquisitions. www.neoprobe.com

About Ohio Third Frontier

Established in 2002, The Ohio Third Frontier represents an unprecedented and bipartisan commitment to expand Ohio's technological strengths and promote commercialization that leads to economic prosperity throughout Ohio. Since its inception, the program has created or capitalized more than 630 companies and has attracted more than $4.76 billion in private investment to Ohio. In May, the Ohio Third Frontier was extended through 2015. For more information, visit www.OhioThirdFrontier.com.

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 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.

Copyright Business Wire 2010