Neoprobe Corporation (OTCBB: NEOP), a diversified developer of innovative oncology surgical and diagnostic products, announced at its 2010 Annual Meeting of Stockholders that it received the approval of its stockholders to increase the number of authorized shares of the Company from 155 million to 205 million. In addition, stockholders re-elected Neoprobe President and CEO David C. Bupp, and elected for the first time, Brendan A. Ford and Eric K. Rowinsky, M.D. as Directors of the Company for terms ending at the 2013 Annual Meeting. Stockholders also approved the appointment of BDO Seidman, LLP to act as the Company’s independent registered public accounting firm for 2010.
“We have made considerable progress in advancing Neoprobe strategic objectives during this year as demonstrated by the numerous milestones we have achieved. I thank our stockholders for their continuing support of the Company and its business activities.”
Mr. Bupp provided stockholders attending the Company’s Annual Meeting with a brief business update. During his presentation following the formal portion of the meeting, Mr. Bupp reviewed Company activities during the past year, highlighting milestones achieved from 2009 to date:
- Completion of NEO3-05 Phase 3 Lymphoseek® clinical evaluation in subjects with breast cancer or melanoma;
- Assessment of final clinical data that the NEO3-05 clinical study achieved its primary efficacy endpoint and achieved positive results related to the secondary endpoints, including the finding of pathology-confirmed disease in lymph node tissue;
- Completion of a successful meeting with FDA to review the NEO3-05 Phase 3 clinical study results and discussion of development plans to support a New Drug Application (NDA) submission for Lymphoseek as a lymphatic tissue tracing agent;
- Submission of a draft Phase 3 clinical study protocol for RIGScan™ CR (NEO2-17) for treatment of colorectal cancer to FDA under the provisions of a Special Protocol Assessment (SPA);
- Validation of the first lot of Lymphoseek commercial drug product for commercial launch in the United States upon NDA clearance;
- Introduction of high-energy and wireless laparoscopic probes for our gamma detection device systems;
- Completion of successful pre-NDA dialogue with FDA on Lymphoseek pre-clinical data;
- Completion of successful pre-NDA dialogue with FDA on Lymphoseek chemistry, manufacturing and control data;
- Election of two new Directors to Neoprobe’s Board, bringing significant drug and medical product industry expertise;
- Completion of exchange transactions that effectively converted all of the Company’s outstanding debt to equity;
- Preparation of the NDA for Lymphoseek well underway;
- Initiation of the second and third Phase 3 Lymphoseek clinical studies in patients with head and neck squamous cell carcinoma and with breast cancer or melanoma, respectively, to support expanded post-marketing product labeling; and
- Achieved revenue increases of 25% in 2009 over 2008 and an increase of 18% for the first six months of 2010 over the same period in 2009.
In conclusion, Mr. Bupp said, “We have made considerable progress in advancing Neoprobe strategic objectives during this year as demonstrated by the numerous milestones we have achieved. I thank our stockholders for their continuing support of the Company and its business activities.”
Neoprobe will hold a conference call Monday, July 19th at 4:00 PM ET to provide a business update, discuss its product pipeline and provide an update on matters from today’s Annual Meeting of the Company’s stockholders.
Mr. Bupp will be joined on the conference call by Dr. Frederick Cope, Vice President, Pharmaceutical Research and Clinical Development. The conference call can be accessed as follows:
: Neoprobe Corporation