Neoprobe takes hit in FY09, despite sales gains

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Neoprobe has reported a net loss of $37.72 million in fiscal year 2009, which ended Dec. 31, 2009, compared with a loss of $4.63 million in 2008. However, the $295,000 loss reported in the fourth quarter of 2009 was down from the $1.16 million net loss posted in the previous-year quarter.

The company reported that fiscal year losses included $34 million in non-cash charges.

Also, the Dublin, Ohio-based Neoprobe posted fourth quarter of 2009 revenues of $2.4 million compared with $2 million for the fourth quarter of 2008. Revenues for the year were $9.5 million compared to $7.6 million for 2008, said the Dublin, Ohio based biomedical company.

“We saw phenomenal results from our gamma detection device product line and our radiopharmaceutical drug development initiatives in 2009,” said David Bupp, Neoprobe’s president and CEO. 

The biomedical company managed to reduce its loss from operations for the fourth quarter of 2009--$420,000 from $681,000 in the fourth quarter of 2008. For 2009, loss from operations was $1.8 million compared to $2.5 million for 2008. Neoprobe said its fourth quarter 2009 operating expenses were $2.1 million compared to $1.9 million for the fourth quarter of 2008 and for 2009 were $8.2 million compared to $7.3 million for 2008.

“Our operating expenses increased approximately 13 percent in 2009 over 2008 reflecting the increased level of activity surrounding the late stages of clinical testing of Lymphoseek, coupled with a corresponding increase in activities associated with the preparation of the new drug application for Lymphoseek,” Larson said.