Healthcare Industry News: radiopharmaceuticals
News Release - November 27, 2007
Neoprobe and Cardinal Health Sign Distribution Agreement for LymphoseekDUBLIN, Ohio--(HSMN NewsFeed)--Neoprobe Corporation (OTCBB:NEOP), a diversified developer of innovative oncology and cardiovascular surgical and diagnostic products, announced today an exclusive agreement with Cardinal Health to market and distribute Lymphoseek® through its network of more than 150 nuclear pharmacies.
With this agreement, Cardinal Health will have exclusive U.S. rights to distribute Lymphoseek for an initial term of five years following FDA clearance to market the product.
David Bupp, Neoprobe’s President and CEO, said, “We are very pleased to have completed an arrangement for the marketing and distribution of Lymphoseek with the leading distributor of radiopharmaceuticals in the United States. Completing this agreement, coupled with the announcement of our recent discussions with the FDA regarding the Phase 3 clinical evaluation of Lymphoseek, are pivotal milestone events for Neoprobe. We believe this agreement meets our strategic objective of maximizing the long-term revenue and operating income opportunity that Lymphoseek represents for us. We look forward to working with Cardinal Health to support the successful commercial launch of Lymphoseek in the United States.”
Lymphoseek (Technetium Tc99m DTPA-mannosyl-dextran) is a proprietary radioactive lymphatic mapping targeting agent being developed by Neoprobe for use with handheld gamma detection devices, such as Neoprobe’s neo2000® system. After achieving positive efficacy results in recently completed Phase 2 multicenter clinical trials for Lymphoseek, Neoprobe is now moving forward with preparations for two Phase 3 clinical trials; one in breast cancer and one in melanoma.
“We look forward to the continued growth of lymphatic mapping and we are pleased to be working exclusively with Neoprobe for the marketing and distribution of this exciting new product,” said Marc Mullen, senior vice president of sales for Cardinal Health’s Nuclear Pharmacy Services business.
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 neo2000® line of gamma detection systems that are widely used by cancer surgeons and is commercializing the Quantix® line of blood flow measurement products developed by its subsidiary, Cardiosonix Ltd. 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
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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