Increased gamma detection device sales helped Neoprobe to a 41% increase in revenue in its second quarter. But noncash charges related to accounting adjustment led to a sharply higher loss for the Dublin, OH-based firm.
For the period (end-June 30), Neoprobe had revenues of $2.5 million, up from $1.8 million during the second quarter of 2009. However, the company had a net loss of $51.2 million, compared with a net loss of $15.2 million a year ago.
The loss includes noncash losses of $50 million, primarily due to accounting charges related to the June exchange of previous convertible debt and preferred stock for a new series of preferred stock, Neoprobe said.
In other news, the company said it was pleased with the progress it has made with the clinical and regulatory pathway for its Lymphoseek radiopharmaceutical agent. The firm plans to hold a pre-new-drug-application (NDA) meeting with the U.S. Food and Drug Administration (FDA) later in the third quarter, and hopes to file its NDA submission in the fourth quarter.
Related Reading
Neoprobe expects Q2 revenue gains, July 15, 2010
Neoprobe secures $1M grant, June 25, 2010
Neoprobe nets $3.5 million, July 28, 2009
Neoprobe starts second Lymphoseek trial, May 28, 2009
Neoprobe hits Lymphoseek clinical milestone, March 19, 2009
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