Neoprobe Announces Sale of GDS Line of Gamma Detection Device Systems

Dublin’s Neoprobe Corporation has announced it has signed a definitive asset purchase agreement with Devicor Medical Products Inc. for the sale of its GDS line of gamma detection device systems.  The deal involves a $30 million cash transaction with up to an additional $20 million in royalties. 
The sale will allow Neoprobe to focus its resources and efforts on the continued development of its lead radiopharmaceutical pipeline products (including Lymphoseek) and to pursue efforts to expand its drug development portfolio. 

"We are pleased to have arrived at this important agreement for our gamma detection device business with a leader in the diagnostic device space,” said Dr. Mark Pykett, Neoprobe’s president and CEO. “Devicor is a trusted partner and we believe it can ultimately deliver to Neoprobe the full value of the device business we have built. This transaction allows Neoprobe to strategically focus its expertise, competencies and resources in the radiopharmaceutical space and in doing so become a pure-play specialty pharmaceutical company where attractive valuations can be realized for our shareholders. Importantly, it provides access to resources to support and advance development of our RIGS® technology, to evaluate additional opportunities for Lymphoseek and to pursue growth of our pipeline with other product candidates."

Full details of Neoprobe's Sale of GDS Line of Gamma Detection Device Systems were announced in an internal release.