Exhibit 99.1
IMMEDIATE RELEASE January 18, 2005
CONTACTS:
Brent Larson, Tim Ryan,
Vice President/CFO The Trout Group
614 793 7500 212 477 9007
- --------------------------------------------------------------------------------
NEOPROBE FORMS SUBSIDIARY TO DEVELOP CELLULAR THERAPY TECHNOLOGY
Technology Provided Positive Clinical Results in Variety of Diseases
Conference Call 11:00 a.m., January, 19, 2005 to Discuss Subsidiary Formation
DUBLIN, OHIO - January 18, 2005 -- Neoprobe Corporation (OTCBB: NEOP), a
diversified developer of innovative oncology and cardiovascular surgical and
diagnostic products, today announced that it has formed a new corporation, CIRA
Biosciences, Inc. (CIRA Bio), to explore the development of patient specific
cellular therapies that have shown positive patient responses in a variety of
clinical settings. CIRA Bio will combine Neoprobe's Activated Cellular Therapy
(ACT) technology for patient specific oncology treatment with similar technology
licensed from CIRA LLC for treating viral (HIV/AIDS and hepatitis) and
autoimmune diseases. Following a strategic assessment of the technology by a
third party, CIRA Bio intends to raise capital, in the second half of 2005, to
support the formal re-activation of development activities surrounding these
technologies.
Following the formation of CIRA Bio, Neoprobe owns approximately 90% of the
outstanding shares of CIRA Bio with the remaining shares being held by the
principals of CIRA LLC. In conjunction with the formation of CIRA Bio, an
amended technology license agreement also was executed with The Ohio State
University Research Foundation (OSURF) from whom both Neoprobe and CIRA LLC had
originally licensed or optioned the various cellular therapy technologies. As a
result of the cross-license agreements, CIRA Bio has the development and
commercialization rights to three issued U.S. patents, No. 5,814,295; No.
6,093,381 and No. 6,713,054; that cover the oncology and autoimmune applications
of its technology. In addition, CIRA Bio has license to several pending patent
applications.
CIRA Bio has contracted with researchers at Battelle Memorial Institute to
complete a commercialization assessment for the cellular therapy approaches.
CIRA Bio expects to form a scientific advisory group in the near future to
assist in the further development of the clinical and regulatory strategies for
the company.
John L. Ridihalgh, Ph.D. has been appointed Chief Scientific Officer and Interim
President & CEO of CIRA Bio. Dr. Ridihalgh said, "We are eager to advance this
technology and bring it to benefit patients as it was intended. Phase I clinical
trials completed in oncology, HIV/AIDS, and chronic fatigue syndrome in the late
1990's have all shown patient benefit. The favorable responses achieved by these
trials provide a strong foundation to move our technology toward
commercialization. We have collaborations in place with researchers at the
Cleveland Clinic and the University of Miami, Florida, who have previously
conducted clinical studies with the technology. In addition, CIRA Bio will be
assuming Neoprobe Corporation' established IND for the potential initiation of a
Phase II study in oncology patients"
David C. Bupp, President and CEO of Neoprobe said, "The formation of CIRA Bio
and the completion of the license agreement with OSURF afford the new company
with the opportunity to develop individualized patient therapies to treat a
variety of diseases. In addition to engaging Battelle to assist in the
development of a commercial assessment, we will be forming a scientific advisory
group specific for the cellular therapy business in the coming months. Our goal
is to attract capital for CIRA Bio to support the clinical development and
commercialization of the ACT products."
- more -
NEOPROBE CORPORATION
ADD-2
Neoprobe's CEO, David Bupp, will discuss the formation and strategy for CIRA Bio
via a conference call scheduled for 11:00 AM EDT tomorrow, January 19, 2005.
Participants may dial-in by calling (888) 823-7457 from the United States and
Canada or by calling (973) 582-2718 internationally. A replay of the call will
be available for one week by calling (877) 519-4471 (Replay PIN Number: 5619599)
from the United States and Canada or by calling (973) 341-3080 internationally.
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 currently markets the neo2000(R) line of gamma detection
systems that are widely used by cancer surgeons for intraoperative lymphatic
mapping. Neoprobe is also in the process of commercializing the Quantix(R) line
of blood flow measurement products developed by its subsidiary, Cardiosonix
Ltd., that are designed to be used by cardiovascular surgeons, neurosurgeons and
critical care physicians. In addition, Neoprobe holds significant interests in
the development of related biomedical systems and agents including
Lymphoseek(TM) and RIGScan(R) CR. Lymphoseek is an investigational drug being
developed as a lymphatic tracing agent in conjunction with the University of
California, San Diego. The RIGS(R) system is an investigational technology that
combines the Company's gamma detection device technology with a proprietary
disease-specific radiolabeled cancer targeting agent, and a patented surgical
method to get real-time information to locate tumor deposits that may not be
detectable by conventional methods. Before surgery, a cancer patient is injected
with one of the targeting agents, which circulates throughout the patient's body
and binds specifically to cancer cell antigens or receptors. Concentrations of
the targeting agent are then located during surgery by the company's
gamma-detection instrument, which emits an audible tone to direct the surgeon to
targeted tissue. 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.
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
of its product, reliance on third party manufacturers, accumulated deficit,
future capital needs, uncertainty of capital funding, dependence on limited
product line and distribution channels, competition, limited marketing and
manufacturing experience, risks of development of new products, regulatory risks
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.