Neoprobe closes Biosonix deal

Two innovators of medical imaging have joined forces. Biosonix, an Israeli developer of blood flow measurement technology, is now part of Neoprobe, a maker of gamma detection systems used in the management of patients with breast cancer and melanoma. The deal that brought them together, announced Jan. 4, was closed when Neoprobe issued 9,714,737 shares of its common stock in exchange for the outstanding shares of Biosonix. An additional 2,085,826 shares of Neoprobe common stock will be issued to the Biosonix shareholders on the satisfaction of a milestone event involving Biosonix product development activity.

Biosonix products employ angle-independent Doppler blood flow technology that allows angle-independent blood flow volume and velocity readings. The technology permits real-time measurement of volume blood flow. Biosonix has three products in the late stages of development. One, FlowGuard, has received the CE mark for marketing in Europe, but none has yet passed the FDA. At the closing of the deal, Neoprobe appointed Dan Manor and Reuven Avital to its board of directors. Manor, who will remain president of Biosonix, founded the company. Avital, general manager of the investment fund Ma'Aragim Enterprises, held a large stake in Biosonix and is now a major shareholder in Neoprobe.