Exhibit 99.2
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IMMEDIATE RELEASE
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April 16, 2008 |
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CONTACTS: |
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Brent Larson,
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Tim Ryan, |
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Vice President / CFO
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The Trout Group |
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614 822 2330
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646 378 2924 |
NEOPROBE RECEIVES $3 MILLION IN CLINICAL FUNDING
Second Funding Completed with Montaur
DUBLIN,
OHIO April 16, 2008 Neoprobe Corporation (OTCBB: NEOP), a diversified developer of
innovative oncology and cardiovascular surgical and diagnostic products, today announced that
concurrent with the authorization by FDA to commence patient enrollment in a Phase 3 multi-center
clinical study of Lymphoseek, the Company completed the second closing of $3 million in financing
committed to by Platinum-Montaur Life Sciences LLC (Montaur) in December of last year. The closing
with Montaur provides Neoprobe with funding to commence its Phase 3 clinical studies of Lymphoseek
in patients with breast cancer or melanoma and head and neck squamous cell carcinoma.
The funding is in the form of a secured note with is repayable in December 2011 and is fully
convertible into Neoprobe common shares at $0.36 per share, which was the closing price of
Neoprobes common stock on April 10, 2008, when the investment was priced. In addition, Neoprobe
issued Montaur a warrant to purchase up to 8,333,333 shares of Neoprobe common stock at $0.46 per
share. In connection with amending the securities purchase agreement related to the second
closing, Montaur and Company also modified the prerequisite milestone necessary to receive a final
$3 million in funding from Montaur. The milestone was modified to obtaining 135 positive lymph
nodes in the Phase 3 trial of patients with breast cancer or melanoma.
David Bupp, Neoprobes President, said, The completion of the Montaur financing provides Neoprobe
with the financing to initiate the Phase 3 clinical study of Lymphoseek in a timely manner. We
expect to begin patient enrollment in the Phase 3 clinical study in patients with breast cancer or
melanoma shortly after the FDA-cleared clinical protocol and associated materials receive final
clearance from clinical review committees of the investigational sites. The first of the Phase 3
sites have received institutional approvals and we are preparing to commence patient enrollment.
Michael Goldberg, M.D., Principal, Montaur Capital Partners, LLC and Portfolio Manager of the
Platinum Montaur Life Sciences Fund, said, Neoprobe continues to represent an excellent investment
opportunity. We are pleased with their progress since our initial investment and look forward to
the successful completion of their pivotal clinical trials.
WBB Securities LLC served as the sole placement agent on the transaction with Montaur.
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.
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 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. Neoprobes subsidiary, Cira Biosciences, Inc., is also advancing a
patient-specific cellular therapy technology platform called ACT. Neoprobes 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 Companys plans and strategies, expectations for future financial performance,
new and existing products and technologies, anticipated clinical and regulatory pathways, and
markets for the Companys 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 Companys 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 Companys 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.