EXHIBIT 99(a)
IMMEDIATE RELEASE NOVEMBER 17, 2003
CONTACTS:
DAVID BUPP JONATHAN FASSBERG,
PRESIDENT/CEO THE TROUT GROUP
614 793 7500 212 477 9007
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NEOPROBE COMPLETES EQUITY PLACEMENT
$2.8 Million Placement Provides Product Development and Marketing Funding
DUBLIN, OHIO - November 17, 2003 -- Neoprobe Corporation (OTCBB: NEOP), a
diversified developer of innovative oncology and cardiovascular surgical and
diagnostic products, announced today that it had completed a $2.8 million
placement of common stock and warrants. The purchasers included both
institutional investors and high net worth individuals. In the placement, 12.2
million shares of common stock were issued at $0.23 per share, as well as Series
R warrants to purchase additional 6.1 million common shares at $0.28 per share.
The warrants have a term of five years. The company has agreed to file a
registration statement covering resales of the securities by the purchasers to
the public no later than December 31, 2003.
"We are very pleased to have new investors in Neoprobe, and to have the new
financial resources that will enable the company to further develop and promote
our product portfolio," said David Bupp, President and CEO of Neoprobe." The
capital allows us to continue the development and commercialization of the
Cardiosonix blood flow products and to pursue the development of additional
products, including further clinical development activities for Lymphoseek(TM)"
The securities sold in the private placement were not registered under the
Securities Act of 1933, but were sold in transactions exempt from such
registration requirements. The securities may not be offered or resold in the
United States absent registration or an applicable exemption from registration
requirements. This press release does not constitute an offer of any of the
securities for sale.
ABOUT NEOPROBE
Neoprobe develops and provides innovative surgical and diagnostic products that
enhance patient care by meeting the critical decision making needs of healthcare
professionals. Neoprobe's current line of gamma detection systems is widely used
for intraoperative lymphatic mapping (ILM), an emerging standard of care
technology for breast cancer and melanoma. Neoprobe also holds significant
interests in the development of related biomedical systems and agents. The
Company's strategy is to deliver superior growth and shareholder return by
maximizing its strong position in gamma detection technologies and diversifying
into new, synergistic biomedical markets through continued investment and
selective acquisitions. With the acquisition of Cardiosonix Ltd. in 2001,
Neoprobe expanded its product portfolio to include blood flow measurement
products. Cardiosonix is a development stage company that has recently received
regulatory clearance to begin the clinical evaluation and commercial sale of its
blood flow measurement products. Cardiosonix' products (the Quantix/ND(TM) and
the Quantix/OR(TM)) are designed to be used by neurosurgeons, cardiovascular
surgeons and critical care physicians.
-more-
NEOPROBE CORPORATION
ADD-2
Statements in this news release, which relate to other than strictly historical
facts, such as statements about the Company's plans and strategies, expectations
for future financial performance, new and existing products and technologies,
and markets for the Company's products, are forward-looking statements. The
words "believe," "expect," "anticipate," "estimate," "project," and similar
expressions identify forward-looking statements that speak only as of the date
hereof. Investors are cautioned that such statements involve risks and
uncertainties that could cause actual results to differ materially from
historical or anticipated results due to many factors including, but not limited
to, the Company's continuing operating losses, uncertainty of market acceptance,
reliance on third party manufacturers, accumulated deficit, future capital
needs, uncertainty of capital funding, dependence on limited product line and
exclusive distributor, competition, limited marketing and manufacturing
experience, and other risks detailed in the Company's most recent Annual Report
on Form 10-KSB and other Securities and Exchange Commission filings. The Company
undertakes no obligation to publicly update or revise any forward-looking
statements.