Neoprobe raises $13M in financing

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Neoprobe, a diversified developer of innovative oncology and cardiovascular surgical and diagnostic products, has signed definitive agreements for a $13 million financing with Platinum Montaur Life Sciences.

The first funding under the Securities Purchase Agreement between Neoprobe and Montaur is for $7 million, which will be used to repay in full $5.7 million in notes that were due in January 2009, according to the Dublin, Ohio-based Neoprobe.

In addition, Neoprobe said the funding from the first closing will retire 10 million in warrants to purchase shares of its common stock that were associated with the notes due in 2009.

Montaur has committed to additional funding aggregating $6 million that will be used to support the development of Lymphoseek, Neoprobe said. Lymphoseek is a radioactive tracing agent being developed for use in connection with gamma detection devices in a surgical procedure known as Intraoperative lymphatic mapping.