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R&D increases Neoprobe's red ink
Gamma-ray probe manufacturerNeoprobe said this month that it expects to post a loss of $8million for 1993 (end-December), compared to $2.6 million for1992. The loss is due to increased spending in four clinical trialsNeoprobe is conducting to support a
Gamma-ray probe manufacturerNeoprobe said this month that it expects to post a loss of $8million for 1993 (end-December), compared to $2.6 million for1992. The loss is due to increased spending in four clinical trialsNeoprobe is conducting to support a filing with the Food and DrugAdministration for clearance to market its monoclonal antibody-basedproducts.
Neoprobe reported operating expenses for the year of $8.3 million,which includes $5.9 million for research and development. TheColumbus, OH-based company spent $4.1 million on clinical trialsfor its radioimmunoguided surgery (RIGS) technology for detectionof colorectal, breast and ovarian cancer, as well as on trialsfor an adoptive cellular therapy (RIGS/ACT) product. Neoprobeearned $325,000 in interest income for the year.
RIGS technology involves injecting cancer patients with radiolabeledmonoclonal antibodies and using a hand-held probe during surgeryto detect concentrations of malignant tissue. Neoprobe has acquiredrights to Dow Chemical's CC49 antibody for its RIGScan CR49 product,which is used for surgical detection of colorectal cancer (SCAN8/11/93 and 2/24/93).
The company is sponsoring two phase-three clinical trials forRIGScan CR49, it said. Neoprobe is sponsoring separate phase-twostudies for RIGS detection of ovarian and breast cancer.
Neoprobe also signed an exclusive agent licensing arrangementlast week with the Institut Armand-Frappier at the Universityof Quebec. The licensed monoclonal antibody agent, BCD-F9, hasbeen used by researchers investigating RIGS technology. It mayhave use for topical and intraoperative scanning of breast cancerpatients to localize tumors in the lymph notes, the company said.
In other news, the probe firm named J. Kenneth Poggenburg asvice president of operations. Poggenburg comes to Neoprobe frommonoclonal antibody agent developer Hybritech, where he was directorof R&D. Hybritech's parent Eli Lilly said earlier this yearthat it plans to sell the biotechnology subsidiary (SCAN 2/2/94).
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