The terms of the agreement state that Neoprobe will receive $13 million from
Platinum Montaur Life Sciences of New York City. The first installment is for
$7 million in the form of a secured note due December 2011, which Neoprobe will
use to repay $5.7 million in notes due January 2009, as well as to retire
warrants to purchase shares of Neoprobe common stock associated with the notes.
The remaining $6 million will be disbursed in two parts, and will be used to
support the development of Neoprobe's Lymphoseek product, a lymphatic mapping
agent labeled with technetium-99m DTPA-mannosyl-dextran and designed to be used
with handheld gamma detection devices in sentinel lymph node biopsy procedures.
The first disbursement of $3 million will occur once phase 3 trials for
Lymphoseek have started, while the second disbursement will occur once 200
patients have been enrolled in the phase 3 trials.
extends agreement with Ethicon, December 20, 2007
Cardinal Health ink distribution deal, November 28, 2007
cuts loss on higher sales, October 31, 2007
hires Philips executive, August 13, 2007
posts Q2 loss on higher sales, July 26, 2007
Copyright © 2007 AuntMinnie.com