Neoprobe Corporation (OTCBB: NEOP), a diversified developer of innovative oncology surgical and diagnostic products, today announced that a third multi-center Phase 3 clinical study of Lymphoseek ® (NEO3-09) has received investigational review board approval and begun enrollment of subjects diagnosed with breast cancer or melanoma. The Phase 3 study has been registered on the national clinical trials website

David Bupp, Neoprobe’s President and CEO, said, “This Phase 3 clinical study is designed to further validate Lymphoseek as a sentinel lymph node tracing agent. Data from this study is not required for the New Drug Application (NDA) for Lymphoseek, which we expect to begin filing with FDA later this summer. The initiation of the third Phase 3 study is another milestone in the development of Lymphoseek and we expect to achieve additional milestones in the coming months for this product.”

Fredrick O. Cope, Ph.D., Neoprobe’s Vice President, Pharmaceutical Research and Clinical Development, said, “NEO3-09 will study approximately 150 patients to provide a statistical sample size of 220 lymph nodes. One of the primary objectives of the Phase 3 study is to demonstrate the superiority of Lymphoseek in identifying lymph nodes draining from breast cancer or melanoma tumors compared to the vital blue dyes currently used in these procedures.”

NEO3-09 is designed to support post-marketing labeling for Lymphoseek after the approval of initial product labeling in the NDA. The first site has already been initiated and begun enrolling patients. In the coming weeks, an additional seven sites are expected to be initiated and commence patient enrollment. Initial results from NEO3-09 are expected to be available in the first quarter of 2011.

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.

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-KSB 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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