Neoprobe to unveil new brand identity
Neoprobe (NASDAQ:NEOP) expects to announce in the coming weeks a new brand identity to mark a “formal turning point in the recognition of Neoprobe as a precision diagnostics company focused on the radiopharmaceutical space,” CEO Dr. Mark Pykett said in the quarterly report.
During the third quarter, the company its GDS line of gamma detection device systems to Devicor Medical Products for $30 million in proceeds and up to an additional $20 million in potential future royalties, recording a net gain on the sale of about $25 million.
Senior VP and CFO Brent Larson said the sale of the GDS business was a “transformative event” for the company, resulting in a strong balance sheet to execute Neoprobe’s business plan, and support future growth and development.”
Dr. Pykett added: “We are pleased with the progress we are making across the board in reshaping Neoprobe into a specialty pharmaceutical company focused on precision diagnostics.” The filing and acceptance of the NDA for Lymphoseek represents a “significant milestone for Neoprobe, validating our science and regulatory approach.”
The FDA has established a PDUFA date of June 10, 2012 for a decision on the Lymphoseek NDA. “We look forward to a positive, ongoing dialogue with FDA during their review of Lymphoseek as we prepare for commercial launch in the U.S.,” Dr. Pykett said. The company also is making progress on business partnerships for Lymphoseek outside the US, as well as the identification of a number of promising product candidates, which could potentially augment its product pipeline, he added.
Dr. Pykett said Neoprobe also is looking forward to getting its RIGScan radiopharmaceutical for the detection of colorectal cancer back into the clinic in 2012. “We are moving forward with manufacturing of the humanized RIGS antibody, preparing regulatory documents and clinical development plans for submission to regulatory authorities, incorporating the cumulative advice we have received this year.”