Cancer diagnostics company Neoprobe (NYSE Amex:NEOP) has hired a former Alseres Pharmaceuticals executive as its new chief business officer.
Thomas Tulip will help the Dublin, Ohio-based company seek out business opportunities for two radiopharmaceutical drug candidates it has under development and look for partner companies from which Neoprobe can license or acquire future drugs, according to a statement from the company.
Tulip, who earned a Ph.D. from Northwestern University, has held senior leadership positions at Alseres Pharmaceuticals, Lantheus Medical Imaging, Bristol Myers Squibb and DuPont.
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Most recently, he worked with Alseres, a Massachusetts-based developer of drugs and diagnostics for central nervous system disorders, which includes a molecular imaging agent used to diagnose Parkinson’s disease and dementia. As president of the company’s molecular imaging group, Tulip led efforts to develop markets for the Parkinson’s agent.
At Neoprobe, Tulip will be charged with opening up international markets for Lymphoseek, a radiopharmaceutical that is used to identify cancerous lymph nodes in patients with breast cancer or melanoma. The company plans to apply for U.S. regulatory approval of the drug within the next few months.
The Ohio company is also looking to restart development efforts for RIGScan, a targeting agent used to detect tumors left behind after colon cancer surgery. Additionally, Neoprobe is in the market for new technologies to license or acquire that would fill its pipeline between Lymphoseek and RIGScan, which is several years away from commercialization.
“I look forward to helping the company achieve its growing business objectives by expanding our geographic footprint [and] identifying a broad new set of partners and products,” Tulip said in the statement.
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Late last month, Neoprobe announced a deal worth up to $50 million to sell its radiation-detection device business, in part so it could focus on developing radiopharmaceuticals.
Earlier this week, a blog post on Seeking Alpha by a hedge fund manager generated some online buzz around Neoprobe — and not the kind the company likes. The author, Martin Shkreli, argued that nearly all of Neoproble’s value is wrapped up in Lymphoseek, which he blasted as “close to worthless.”
Shkreli’s argument rested on concerns about the drug’s potential market size and pricing. He also predicted that Lymphoseek won’t obtain approval from the U.S. Food and Drug Administration and called the design of clinical trials to test the radiopharmaceutical “bizarre.”