Neoprobe sees $1M in losses for Q2, despite nearly 50% revenue growth

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Neoprobe, a provider of oncology and cardiovascular surgical and diagnostic products, has consolidated its results for the second quarter of 2008 and for the six-month period, which ended June 30.

The Dublin, Ohio-based Neoprobe lost more than $1.02 million in the second quarter of 2008, which ended June 30, compared to the second quarter of 2007, when the company lost $1.13 million. For the six months ended June 30, the company reported a net loss of $2.04 million, compared to a net loss of $2.2 million for the same period in 2007.

Neoprobe said its second quarter 2008 revenues were $2.3 million compared to $1.5 million for the second quarter of 2007. Year-to-date revenues for the six-month period, which also ended June 30, were $4 million compared to $3.3 million for the same period of 2007. Neoprobe said its second quarter 2008 operating expenses were $1.8 million compared to $1.5 million for the second quarter of 2007. Operating expenses for the six-month period, were $3.2 million compared to $3.2 million for the same period of 2007.

After the close of the second quarter, the company signed a non-binding agreement to exclusively market and distribute its Lymphoseek product in Canada, the European Union, Switzerland, Turkey and India. Distribution of Lymphoseek, a radioactive drug designed to help doctors identify cancerous cells, hinges on the completion of its third and final phase of testing and subsequent approval from the FDA.