Yesterday, Neoprobe Corp. announced that it has formed a European business unit. This unit solidifies Neoprobe’s expanding focus in the areas of radiopharmaceuticals and lymphatic mapping that are occurring in Europe, which will play an important part in Neoprobe’s Lymphoseek products and technology.
Neoprobe is a biomedical company that focuses on improving the oncology patient care process via radiopharmaceutical products. Currently, Neoprobe is developing two different radiopharmaceutical platforms, Lymphoseek and RIGScan. Lymphoseek is a radioactive diagnostic tracing agent for use in surgical gamma detection devices.
Part of Neoprobe’s European strategy is to create business partnerships with partners capable of providing marketing, sales and distribution for Lymphoseek as well as Neoprobe’s other products. EU countries exhibit an average 400,000 new cases of breast cancer and melanoma, making the region an ideal choice for Neoprobe’s expansion efforts.
Mark Pykett, President and CEO of Neoprobe, said, “Establishing a European presence marks an important step for Neoprobe in maximizing the value of Lymphoseek and the potential of the Company’s pipeline. This development builds on positive Neoprobe activities in the U.S. where the submission of the Lymphoseek New Drug Application to the U.S. Food & Drug Administration remains on target for the third quarter of 2011.”
“With the establishment of our European entity, Neoprobe is taking steps to advance Lymphoseek in international markets. The global cancer diagnostics and treatment landscape provide significant opportunities for Lymphoseek to positively impact patient care and advance the standard of medical practice,” said Thomas Tulip, Executive Vice President and Chief Business Officer of Neoprobe. “In Europe, we believe the partnership potential for Lymphoseek is strong based on the discussions we have held to date. Finalizing EU distribution relationships remains an important focus for our Company going forward.”