Neoprobe shares soar on Lymphoseek clinical trial results

Shares of Neoprobe (NYSE Amex:NEOP) continue their strong performance of recent weeks, rising by as much as 8 percent in early Friday trading after the company published results from a phase 2 clinical trial of its cancer-targeting agent.

The Dublin, Ohio-based company’s shares again reached a 52-week high Friday and traded at as much as $4.71, up from a Thursday close of $4.37. Along with the soaring share price, the stock’s trading volume has also jumped in recent weeks.

Over the past three months, average daily volume is about 560,000. However, daily volume has been less than 1 million just once since Feb. 8 and is headed well above that number Friday. The company’s recent listing on the NYSE Amex has been the primary driver behind the increased volume.

Friday morning, Neoprobe issued a statement saying that results from a phase 2 clinical trial of its radiopharmaceutical tracing agent Lymphoseek had been published online in the Annals of Surgical Oncology. Lymphoseek helps surgeons identify cancerous lymph nodes in patients with breast cancer and melanoma.

In the study, the drug identified at least one regional lymph node in 96 percent of patients when administered intraoperatively, according to the statement.

Neoprobe plans to file for federal regulatory approval of Lymphoseek “in the coming months,” according to the statement.

Also adding to Neoprobe’s stock’s momentum, the company announced yesterday that it had reached an agreement to license imaging technology from San Diego-based Naviscan, a move that could open up new applications for Lymphoseek and another radiopharmaceutical the company is developing.