Neoprobe Corp. said Friday it filed a registration statement for thesale of 1.1 million shares of Series A Convertible Preferred Stock,which the company expects will raise between $8 million and $9million.
The stock, proposed to be listed on the NASDAQ market under thesymbol NEOPP, is convertible into three shares of Neoprobecommon stock (NASDAQ:NEOP) anytime after six months of theoffering's effectiveness.
The shares will be sold at the current market price, Judy Barnes, theDublin, Ohio, company's corporate communications manager, toldBioWorld. Neoprobe stock closed Friday at $2.56 per share, down 6cents. At that rate the 1.1 shares of convertible stock would sell for$7.68 apiece, or gross $8.45 million.
Josephthal, Lyon & Ross Inc., of New York, is the managingunderwriter for the offering.
Neoprobe sold 2 million shares to institutional investors in a self-underwritten offering in October. Those shares sold for $2.27,raising $4.54 million.
At that time the company said it would have 10.9 million sharesoutstanding and cash to last through September 1995.
Neoprobe is developing radioimmunoguided surgery products todetect and characterize various cancers. On Oct. 18, the companysaid it had enrolled about two-thirds of the 408 patients needed tocomplete two Phase III studies for colorectal cancer detection, andwas on schedule for completing the trials by the end of the firstquarter of 1995. Marketing approvals in the U.S. and Europe wouldbe sought shortly thereafter, the company said. _ Jim Shrine
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