Neoprobe (OTC:NEOP) nearly hit its 52-week high of $2.32 today after announcing new capital from a government grant along with its upcoming conference schedule. In late trading, shares of Neoprobe were up more than 7 percent (or 15 cents per share) at $2.20 per share on heavy volume of more than 511,000 shares compared to its average daily volume of only 131,000 shares. Neoprobe has a market cap of $181 million and a 52-week range between $0.95 and $2.32 per share.
The company was recently awarded a grant of $244,479 under the qualifying therapeutic discovery project ("QTDP") program established under Section 48D of the Internal Revenue Code. The Company’s grant is related to the application submitted for its Lymphoseek project.
“This cash award will provide additional support for the development of Lymphoseek, our lead program, without diluting the value of either our assets or our equity,” said David C. Bupp, President and CEO of Neoprobe. “We are pleased to have Lymphoseek recognized for this grant.”
Senior Vice President and CFO, Brent Larson, will present at the upcoming LifeTech Capital 1st Annual Miami Medical Investors Conference on November 12, 2010, at 9:00 am ET. The conference is being held at the JW Marriott Marquis in Miami.
Neoprobe expects to participate in other conferences over the coming months and will update the investment community as appropriate when more details are available.
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 neoprobe GDS line of gamma detection systems that are widely used by cancer surgeons. In addition, Neoprobe holds significant interests in the development of related biomedical systems and radiopharmaceutical agents including Lymphoseek and RIGScan.
Neoprobe’s subsidiary, Cira Biosciences, Inc., is also advancing a patient-specific cellular therapy technology platform called ACT. Neoprobe’s 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.
For more information visit: www.neoprobe.com.
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