Neoprobe Corp. (OTC:NEOP) hired a biotechnology and pharmaceuticals industry veteran as its chief development officer.
Mark Pykett, 46, is stepping into the role, which calls for him to assist the company with its product and business development, partnering and investor relations efforts, according to a press release from the Dublin, Ohio-based firm.
Pykett joins Neoprobe at what could be a transformative time for the company. Early next year, it’s planning to file for regulatory approval of its cancer-detecting drug Lymphoseek, a tracing agent that identifies cancerous lymph nodes in patients with breast cancer and melanoma. The company pegs the drug’s market at $450 million.
Pykett said he’d help the company prepare its application and provide additional perspective, based on his experience guiding companies through the Food & Drug Administration’s review process.
“I’ll complement what’s already a strong existing team,” he said.
Neoprobe is also seeking to list its shares on New York Stock Exchange’s AMEX market to make itself more attractive to institutional investors. NEOP shares are listed on NASDAQ’s Over-The-Counter Bulletin Board. Pykett said he’d work with investors and analysts to improve the company’s visibility.
The company also is looking to move ahead with clinical trials of RIGScan, a tracing agent that works by attaching itself to cancerous cells in the body, which can then be identified by a handheld radiation-detection device. RIGScan is likely years away from approval.
One of Pykett’s main responsibilities related to RIGScan will be seeking out a larger partner company to commercialize the technology once the agent gains regulatory approval.
Previously, he founded Massachusetts-based Talaris Advisors, a drug-development consulting firm. He was also COO at Alseres Pharmaceuticals, which develops drugs for central nervous system disorders.
Pykett plans to work out of Boston, but said he’ll spend “substantial” time in Dublin and on the road.
