Neoprobe unveils new name: Navidea Biopharmaceuticals

Cancer diagnostics company Neoprobe (NYSE Amex:NEOP) has a new name: Navidea Biopharmaceuticals.

The Dublin, Ohio company chose the new moniker because it represents Neoprobe’s commitment to “NAVigating IDEAs” that translate innovation into commercial products that improve patient care, according to a statement.

The name change became necessary earlier this year when Neoprobe sold off its radiation detection device business — and the business’ name — to transform itself into a pure-play radiopharmaceuticals company.

Along with the new name comes a new ticker symbol. As of Jan. 5, the company is scheduled to begin trading under the symbol “NAVB.”

CEO Mark Pykett said the company in January expects to “reveal a more complete view of the Navidea brand,” as well as an updated website, according to the statement.

Neoprobe is hoping next summer to receive FDA approval of its radiopharmaceutical Lymphoseek. The drug is a targeting agent used by surgeons to identify lymph nodes in patients with breast cancer or melanoma and to indicate whether cancer has spread to a particular lymph node.

The company is looking to license or acquire a radiopharmaceutical product from another company to fill its product development pipeline after Lymphoseek, Pykett said.