Cancer detection firm Neoprobe hires chief development officer

Neoprobe Corp. (OTCBB:NEOP) has hired a biotechnology and pharmaceuticals industry veteran as its chief development officer. Mark Pykett, 46, steps into the role, which calls for him to assist the company with its product and business development, partnering and investor relations efforts.

Neoprobe Corp. (OTCBB:NEOP) has hired a biotechnology and pharmaceuticals industry veteran as its chief development officer.

Mark Pykett, 46, steps into the role, which calls for him to assist the company with its product and business development, partnering and investor relations efforts, according to a statement from Dublin, Ohio-based Neoprobe.

“It’s an exciting time to be coming to Neoprobe,” Pykett said.

Indeed, Pykett joins Neoprobe at what could be a transformative time for the company. Early next year, the company is planning to file for regulatory approval of its cancer-detecting drug Lymphoseek, a tracing agent that identifies cancerous lymph nodes in patients with breast cancer and melanoma. The company pegs the drug’s market at $450 million.

Pykett said he’d help the company prepare its application and provide additional perspective, based on his experience guiding companies through the Food and Drug Administration’s review process. “I’ll complement what’s already a strong existing team,” he said.

Additionally, the company is seeking to list its shares on New York Stock Exchange’s AMEX market to make itself more attractive to institutional investors. Neoprobe’s shares currently are listed on NASDAQ’s Over-The-Counter Bulletin Board. Pykett said he’d work with investors and analysts to improve the company’s visibility.

The company also is looking to move ahead with clinical trials of RIGScan, a tracing agent that works by attaching itself to cancerous cells in the body, which can then be identified by a handheld radiation-detection device. RIGScan is likely years away from approval.

One of Pykett’s main responsibilites related to RIGScan will be seeking out a larger partner company to commercialize the technology once the agent gains regulatory approval.

Previously, he founded Massachusetts-based Talaris Advisors, a drug development consulting firm. He also was chief operating officer with Alseres Pharmaceuticals, which develops drugs for central nervous system disorders.

Pykett plans to work out of Boston, but he’ll spend “substantial” time in Dublin and on the road, he said.

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