Healthcare Industry News: Neoprobe
News Release - July 15, 2008
Neoprobe Signs Non-Binding Letter of Intent for Lymphoseek European Distribution
DRAXIMAGE to Provide Exclusive Marketing and Distribution in the European Union and Other CountriesDUBLIN, Ohio--(HSMN NewsFeed)--Neoprobe Corporation (OTCBB:NEOP ), a diversified developer of innovative oncology and cardiovascular surgical and diagnostic products, today announced that Neoprobe and DRAXIMAGE, a division of DRAXIS Specialty Pharmaceuticals, Inc. (“DRAXIMAGE”) have executed a non-binding letter of intent, whereby DRAXIMAGE would market and distribute Lymphoseek® on an exclusive basis in the European Union, Switzerland, Scandinavia, Turkey, Canada and India. DRAXIS Specialty Pharmaceuticals, Inc. is an indirect wholly-owned subsidiary of Jubilant Organosys Ltd., an integrated pharmaceutical industry player based in India. The two companies hope to complete definitive agreements in the next 90 days. Under the terms of the proposed arrangements, unradiolabeled Lymphoseek kits will be marketed and sold to hospitals through DRAXIMAGE’s marketing channels in the territory covered by the agreements. Specific business terms will not be disclosed until the definitive agreements have been negotiated and executed.
David Bupp, Neoprobe’s President and CEO, said “We are very pleased to have been able to establish business terms for the marketing and distribution of Lymphoseek in the European Union and other significant markets. The completion of the agreements coupled with the announcement of preliminary results for the Phase 3 clinical evaluation of Lymphoseek will be important upcoming milestone events for the company. We look forward to working with DRAXIMAGE for the successful commercial launch of Lymphoseek in the European Union and potentially other markets.”
Lymphoseek is a proprietary radioactive tracing agent being developed for use with gamma detection devices in a surgical procedure known as Intraoperative Lymphatic Mapping (ILM). The tracing agent has completed a multi-center Phase 2 clinical study, which evaluated the efficacy and safety of Lymphoseek in patients with either melanoma or breast cancer. Neoprobe has reported that the final top-line efficacy data showed that Lymphoseek identified lymphatic tissue in 99% of treated patients. Neoprobe has commenced patient enrollment in the first of two Phase 3 clinical studies to evaluate the safety and efficacy of Lymphoseek as a sentinel lymph node tracing agent.
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 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-K and other Securities and Exchange Commission filings. The Company undertakes no obligation to publicly update or revise any forward-looking statements.
Source: Neoprobe
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