Neoprobe posts $2.5M loss in Q1

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Neoprobe, a developer of oncology, cardiovascular surgical and diagnostic products, has posted a $2.5 million loss in the first quarter of 2010, which ended March 31.

The loss compares to net income of $754,000 for the first quarter in 2009, according to the company. Its first quarter revenues held steady at $2.68 million, a few hundred dollars more than the total revenues posted in the same quarter in 2009, while research and development costs rose to $2.4 million, doubling the $1.2 million from a year ago.

The Dublin, Ohio-based Neoprobe said that operating costs increased in the first quarter “as chemistry, manufacturing and control activities and other development expenses associated with preparing to submit a new drug application for Lymphoseek have accelerated."