Neoprobe receives $15 million from exercise of Series E Warrants.DUBLIN, Ohio--(BUSINESS WIRE)--Nov. 14, 1996-- Funds To Be Used for Research and Development of Pipeline Products Neoprobe Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on NMS See NetWare Management System. : NEOP NEOP Neoprobe Corporation (stock symbol) NEOP Near Earth Object Program NEOP New England Order of Protection NEOP Nuclear Explosive Operating Procedure ) today announced that more than 99 percent of the 2,330,000 Series E Warrants were presented for exercise as of the November 12, 1996 expiration date Expiration Date The day on which an options or futures contract is no longer valid and, therefore, ceases to exist. Notes: The expiration date for all listed stock options in the U.S. . As a result, the company expects to receive approximately $15 million in total proceeds from the Series E Warrant issuance. The majority of the warrants were issued during Neoprobe's initial public offering in November 1992. The exercise price of the warrants was $6.50. As reported last week, Neoprobe ended the third quarter with $41.6 million in cash and available for sale securities. With the proceeds of the warrant exercise, the company has cash and available for sale securities totaling approximately $56.6 million. "The proceeds from the conversion of the warrants into common stock will be used to advance our RIGS(R) surgical and therapy products through the development pipeline," said David Bupp, Neoprobe's president. "Specifically, we plan to use the funds for the development of RIGS products including our breast cancer initiative and RIGS/ACT(TM), our activated cellular therapy product." With the RIGS technology, the patient is injected with Neoprobe's low-energy radioactive drug radioactive drug NIHspeak Any substance defined as a drug in §201(b)(1) of the Federal Food, Drug & Cosmetic Act that exhibits spontaneous disintegration of unstable nuclei with the emission of nuclear particles or photons [21 CFR 310.3(n)] that targets cancer cells cells once believed to be peculiar to cancers, but now know to be epithelial cells differing in no respect from those found elsewhere in the body, and distinguished only by peculiarity of location and grouping. See also: Cancer prior to surgery. As it circulates through the body, the drug is attracted to the unique characteristics of cancer cells and attaches to them. During the operation, the surgeon uses the small, hand-held RIGS gamma-radiation-detecting probe which emits an audible tone when it has located tissue that contains a significant amount of the radioactive targeting agent. RIGS/ACT is unique among cellular therapies in that during a patient's surgery, the company's RIGS system is used to identify otherwise indistinguishable lymph nodes Lymph nodes Small, bean-shaped masses of tissue scattered along the lymphatic system that act as filters and immune monitors, removing fluids, bacteria, or cancer cells that travel through the lymph system. that contain an unusual number of the helper lymphocytes Lymphocytes Small white blood cells that bear the major responsibility for carrying out the activities of the immune system; they number about 1 trillion. . The lymph nodes are removed, and the lymphocytes are grown outside the body. Within 10 to 14 days, 10 to 100 billion helper cells are infused back into the patient -- with minimal side effects Side effects Effects of a proposed project on other parts of the firm. -- to treat the disease. Neoprobe Corporation, based in Dublin, Ohio, is dedicated to improving the diagnosis and treatment of cancer. The company is developing and commercializing products based on its patented RIGS technology for both surgical detection and activated cellular therapy for solid-tumor types of cancer. Neoprobe's goal is to develop products which improve the standard of care, enhance the quality of life and extend survival for cancer patients. NOTE TO EDITORS: There are two "at" symbols in the e-mail addresses below, before "neoprobe.com." These symbols may not appear properly in some systems. CONTACT: Neoprobe Corporation, Dublin David C. Bupp/Judy Barnes/Beth Gonda, 614/793-7500 VIA E-MAIL: jbarnes@neoprobe.com bgonda@neoprobe.com NEOPROBE HOME PAGE: http://www.neoprobe.com |
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