Neoprobe Inc. (OTC:NEOP) has applied for listing on the New York Stock Exchange.
The move would make the Dublin, Ohio-based company more attractive to institutional investors and provide more liquidity for existing investors, according to a press release. CEO David Bupp said it could take “a number of weeks” before Neoprobe receives approval for the listing.
Neoprobe would sell a maximum of $20 million of its own shares, while its primary investor, Platinum-Montaur Life Sciences LLC, would sell up to $31 million worth of shares, according to a registration document filed with the Securities & Exchange Commission.
The company recently converted $11 million in debt to equity, freeing its balance sheet from complicated debt securities, in a bid to make itself more attractive to investors.
Assuming the listing application goes through, the future’s looking bright for Neoprobe. It plans to file a new drug application with the Food & Drug Administration for its radiopharmaceutical Lymphoseek, a tracing agent that identifies cancerous lymph nodes in patients with breast cancer and melanoma. The drug could hit the market within a year, with Cardinal Health marketing and distribution.
Neoprobe is also continuing to develop RIGScan, a gamma detection and tracing agent system that enables surgeons to locate tumor tissue during surgery. This technology offers the potential of more thorough cancer removal, as well as preservation of non-cancerous tissue.
The company last month released preliminary second-quarter financial numbers, saying it expects 45 percent revenue growth compared with last year’s second quarter. Neoprobe will hold a call August 9 to review its second-quarter results.