Cancer diagnostics company Neoprobe Corp. (NYSE Amex:NEOP) announced today that it established a European business unit tasked with development and commercialization in the European Union.
The move underscores the Dublin, Ohio-based company’s focus on international commercialization of its flagship Lymphoseek radiopharmaceutical, a diagnostic tracing agent for detecting and treating certain types of cancer.
The drug has not been without controversy in the U.S., where challenges to Neoprobe’s pending FDA application prompted an official rebuke from company officials last month.
The company called a citizen’s petition filed by private equity firm MSMB Capital Management "baseless and replete with factual and regulatory misstatements, served under a cloak of legitimacy."
MSMB claimed the company’s pivotal trials were inadequately controlled and compromised due to conflicts of interest and asked the FDA to block Neoprobe’s application.
Neoprobe shot back that MSMB Capital is a "short-seller who could potentially benefit financially from a decline in Neoprobe’s stock price," and asked that the FDA dismiss MSMB’s petition outright.
MSMB is also entangled in a hostile takeover bid for SeraCare Life Sciences Inc. (NSDQ:SRLS).