Device and drugmaker Neoprobe Inc. (OTCBB: NEOP) has applied for listing on the NYSE: Amex market.
The move would make the Dublin, Ohio, company more attractive to institutional investors and provide more liquidity for existing investors, according to a statement from the company. Neoprobe is currently traded on Nasdaq’s Over-The-Counter Bulletin Board.
CEO David Bupp said it could take “a number of weeks” before Neoprobe receives approval for the listing.
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Neoprobe would sell a maximum of $20 million of its own shares, while its primary investor, Platinum-Montaur Life Sciences LLC, would sell up to $31 million in shares, according to a registration document filed with the Securities and Exchange Commission.
The company recently converted $11 million in debt to equity, freeing its balance sheet from complicated debt securities, in a bid to make itself more attractive to investors.
Assuming the listing application goes through, the future’s looking bright for Neoprobe. It plans to file a New Drug Application with federal regulators for its radiopharmaceutical Lymphoseek, which is a tracing agent that identifies cancerous lymph nodes in patients with breast cancer and melanoma. The drug could hit the market within a year. Cardinal Health will market and distribute the drug.
Neoprobe is also continuing to develop RIGScan, a gamma detection and tracing agent system that enables surgeons to locate tumor tissue during surgery. This technology offers the potential of more thorough cancer removal, as well as preservation of non-cancerous tissue.
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The company last month released preliminary second-quarter financial numbers, saying it expects 45 percent revenue growth compared with last year’s second quarter. Neoprobe will hold a call August 9 to review its second-quarter results.
Once a rival to the New York Stock Exchange, the American Stock Exchange was acquired by the company that owns its former competitor in 2008. Most trading on the NYSE: Amex is in small-cap stocks, exchange-traded funds and derivatives.
