Neoprobe Announces 2011 Annual Meeting Results
15 Agosto 2011 - 6:17PM
Business Wire
Neoprobe Corporation (NYSE Amex: NEOP), a diversified developer
of innovative oncology surgical and diagnostic products, today
announced the results of voting at its 2011 Annual Meeting of
Stockholders (the Annual Meeting).
At the Annual Meeting, Neoprobe’s stockholders:
- Approved the sale of the neoprobe® GDS
gamma detection device business to Devicor Medical Products, Inc.
for $30 million in upfront consideration plus an additional $20
million in potential royalties based on future sales
milestones;
- Elected as Directors of the Company for
the first time, Neoprobe President and CEO, Mark J. Pykett, V.M.D.,
Ph.D., Peter F. Drake, Ph.D. and Jess Emery Jones, M.D. for terms
ending at the 2014 Annual Meeting (Drs. Drake and Jones had
previously been appointed as Directors in March 2011);
- Approved an amendment to the Company’s
Amended and Restated 2002 Stock Incentive Plan (the Plan) to
increase the maximum number of shares under the Plan from 7 million
shares to 10 million shares and to extend the term of the Plan
through March 7, 2015;
- Approved an advisory vote, commonly
known as "Say-on-Pay." The non-binding proposal gives stockholders
the opportunity to endorse or not endorse executive pay programs
and policies. Stockholders also voted that executive compensation
should be voted on every three years; and,
- Ratified the appointment of BDO USA,
LLP to act as the Company’s independent registered public
accounting firm for 2011.
“More than 90% of the Company's outstanding stock was voted at
this meeting," commented Dr. Pykett. "For a company with such a
broad constituency of retail stockholders, this level of voter
involvement is encouraging," Dr. Pykett continued. "The sale of our
GDS Business was approved by 67% of the outstanding shares of the
Company with 98% of the shares voting on the matter doing so in
favor of the sale. The outcome of the device unit sale improves our
balance sheet substantially, de-risks our financial position in a
time of market turmoil, and provides clear mandate to proceed with
our strategy to re-craft the Company into a specialty
radiopharmaceutical development and commercialization company."
Following the formal business portion of the Annual Meeting, Dr.
Pykett and other members of the Neoprobe executive team made a
series of presentations to stockholders attending the Annual
Meeting on topics including lymphatic mapping, program updates for
Lymphoseek® and RIGScanTM, pipeline expansion activities and a
brief financial outlook for the Company following the sale of the
GDS Business. Copies of the presentation materials will be posted
to the Company’s website within the next 24 to 48 hours.
The presentations included highlights on the following milestone
achievements:
- Filed a new drug application (NDA) for
Lymphoseek with the U.S. FDA
- Completed a successful
pre-investigational new drug meeting for RIGScan with the FDA
- Filed a shelf registration on Form S-3
to allow the Company to raise capital as necessary through the sale
of up to $100 million in a primary offering of securities
- Announced Lymphoseek met all primary
and secondary endpoints in the NEO3-09 clinical study
- Established a European business unit to
support regulatory, development and commercial activities in the
European Union
- Obtained stockholder approval for the
sale of our GDS Business to Devicor Medical Products, Inc. for up
to $50 million in total consideration
- Advanced Lymphoseek partnering
effort
- Commenced pipeline development
activities
In conclusion, Dr. Pykett said: “We have made considerable
progress on the basis of strong, consistent execution in advancing
Neoprobe’s strategic objectives during this year as demonstrated by
the numerous milestones achieved. We look forward to our
stockholders’ continued support as we continue to focus on
developing and commercializing precision diagnostics that deliver
the right treatment to the right patients at the right time.”
About Neoprobe
Neoprobe Corporation (NYSE Amex: NEOP) is a biomedical company
focused on development of precision diagnostics that enhance
patient care and improve patient benefit. Neoprobe is actively
developing and commercializing targeted agents aimed at the
identification of occult (undetected) disease. The Company’s two
lead radiopharmaceutical agent platforms – Lymphoseek® and RIGScan™
– are intended to help surgeons better identify and treat certain
types of cancer. In achieving its goals, Neoprobe’s business model
leverages collaborations and partnerships with world-class
institutions, manufacturing concerns and distribution entities.
Neoprobe’s strategy is to deliver superior growth and stockholder
return by bringing to market novel radiopharmaceutical agents and
advancing the Company’s pipeline programs through continued
investment and selective acquisition or in-licensing of
complementary technologies. For more information, please visit
www.neoprobe.com.
The Private Securities Litigation Reform Act of 1995 (the Act)
provides a safe harbor for forward-looking statements made by or on
behalf of the Company. Statements in this news release, which
relate to other than strictly historical facts, such as statements
about the Company’s plans and strategies, expectations for future
financial performance, new and existing products and technologies,
anticipated clinical and regulatory pathways, and markets for the
Company’s products are forward-looking statements within the
meaning of the Act. 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 Company’s 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
Company’s most recent Annual Report on Form 10-K and other
Securities and Exchange Commission filings. The Company undertakes
no obligation to publicly update or revise any forward-looking
statements.
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