Neoprobe sees slight revenue increase, net loss decrease for Q1

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Neoprobe, a developer of oncology and cardiovascular surgical and diagnostic products, today announced consolidated results for the first quarter of 2008.

First quarter 2008 revenues were $1.8 million, compared to $1.7 million for the first quarter of 2007, according to the Dublin, Ohio-based company. Operating expenses decreased to $1.4 million for the first quarter of 2008 from $1.6 million for the first quarter of 2007.

Neoprobe reported a net loss of $1 million for the quarter compared to a loss of $1.1 million for the comparable period in 2007. Neoprobe said its loss from operations for the first quarter of 2008 was $316,000 compared to $693,000 for the first quarter of 2007.

“Our operating expenses decreased for the first quarter of 2008 compared to last year as the Phase 2 trial underway during the first quarter of 2007 was completed last year and our Phase 3 clinical trial had not been cleared to commence patient enrollment during the first quarter of 2008. General and administrative costs increased compared to the prior year primarily related to increased professional services costs and investor relations activities,” according to David Bupp, Neoprobe’s president and CEO.