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ROSEVILLE, Calif.--(BUSINESS
WIRE)--Dutton Associates continues coverage of Neoprobe Corporation (OTCBB:
NEOP), maintaining its rating at Strong Speculative Buy and a higher price
target of $1.50. The 15-page report by Dutton senior analyst Dennis C. Fisher,
CFA is available at www.jmdutton.com as well as from First Call, Bloomberg,
Capital IQ, FactSet, Zacks, Reuters, Knobias, and other leading financial
portals.
We currently project that Neoprobe will become profitable in the second half
of 2010 with EPS of $0.12 for the full year. The driver is the commercialization
of Lymphoseek®, a proprietary radiopharmaceutical
being developed for the identification of sentinel lymph nodes during sentinel
lymph node biopsies (SLNBs) to stage several solid tumor types including breast,
melanoma, and head and neck carcinomas.
The Company has begun recruiting
patients in the first of two Phase III clinical trials for Lymphoseek and
expects to launch the second Phase III trial near the end of the current (third)
quarter. The delay in this second Phase III trial from mid-year stems from the
Company’s efforts to harmonize the design of this trial
to support marketing approval in both the U.S. and Europe. Lymphoseek has
important clinical advantages over existing radiopharmaceuticals that are
currently being used off-label for SLNBs.
As the first radiopharmaceutical that
may be specifically labeled for the indication, it may enjoy rapid uptake due to
its unique labeling and potential for hospitals to access additional
reimbursement codes from private and public insurers. The recent distribution
letter of intent executed with DRAXIMAGE for Lymphoseek in the EU,
Scandinavia, India, Turkey, and Canada could double addressable markets. Coupled
with its distribution agreement with Cardinal Health, we believe
Lymphoseek will penetrate roughly 10% of its current network of
geographic markets for Lymphoseek during the second half of 2010.
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