Naviscan® Announces Collaboration With Neoprobe Corporation to Enable Pipeline Technology Development

SAN DIEGO, Feb. 24, 2011 /PRNewswire/ -- Naviscan, Inc. announced that it has entered into an exclusive licensing agreement with Neoprobe Corporation (NYSE Amex: NEOP) as a partner to further develop its patented imaging technology.  While most of the patents in Naviscan's extensive intellectual property portfolio were designed to enable innovation in organ-specific molecular imaging, several more recently-allowed patents were devised to further broaden the company's product base. One such patent, now licensed to Neoprobe, enables a novel gamma ray detector, or a gamma probe, to translate gamma emission data into a 3-dimensional representation of a gamma-emitting source, such as a malignant lesion or tumor.

Maintaining its lead in the field of Molecular Breast Imaging, Naviscan continues to devote its resources to commercializing its current PET scanner and biopsy-guidance accessories, both optimized for breast imaging, and expanding its platform to other applications (e.g. head, neck, extremities, etc.).  Partnering with Neoprobe, a leader in 3-D gamma imaging, allows Naviscan technology to be developed in cancer surgical applications.

"Our expanding patent portfolio continues to strengthen our clinically-relevant, technology leadership while creating opportunities to build strategic partnerships, monetize our intellectual properties and, in turn, increase the company's valuation.  Toward that end, this licensing agreement provides an opportunity for Naviscan to work with a proven development partner in the gamma detection instrumentation space with a strong record of commercialization success," said Paul Mirabella, Chairman and CEO of Naviscan, Inc. "Neoprobe's competencies and resources are well-suited to build upon our 3-dimensional molecular imaging technology and realize its full value."  

"Our agreement with Naviscan provides an opportunity to augment our strategic positioning in the gamma detection space in partnership with a proven leader in the cancer imaging space.  We believe the 3-dimensional gamma imaging technology from Naviscan is a natural extension of our current line of gamma detection devices and enhances the opportunities in this technology category, while opening new opportunities to expand our product platform and advance pipeline development," said Mark Pykett, Executive Vice President and Chief Development Officer of Neoprobe. "The Naviscan platform allows Neoprobe to explore gamma detection products that could lead to new indications for Lymphoseek® and RIGScanTM CR.  Additionally, Naviscan 's 3-dimensional gamma camera technology could be optimized for surgical applications that may lead to improved diagnosis and care of patients with cancer and potentially patients with other diseases."

About Naviscan, Inc.

Naviscan, founded in 1995, develops and markets compact, high-resolution PET scanners intended to provide organ-specific molecular imaging and guide radiological and surgical procedures. The Naviscan PEM scanner is currently installed and available in breast and imaging centers throughout the U.S. and other parts of the world. The Company is headquartered in San Diego, California and is the first to obtain FDA-clearance for a high-resolution PET scanner designed to image small body parts and for breast biopsy image guidance. For more information, call 1.858.587.3641 or visit www.naviscan.com.

About Neoprobe

Neoprobe is a biomedical company focused on enhancing oncology patient care and improving patient benefit.  Neoprobe currently markets the neoprobe® GDS line of gamma detection systems that are widely used by cancer surgeons.  In addition, Neoprobe holds significant interests in the development of related biomedical systems and radiopharmaceutical agents including Lymphoseek® and RIGScan™ CR.  Neoprobe's subsidiary, Cira Biosciences, Inc., is also advancing a patient-specific cellular therapy technology platform called ACT.  Neoprobe's strategy is to deliver superior growth and shareholder return by maximizing its strong position in gamma detection technologies and diversifying into new, synergistic biomedical markets through continued investment and selective acquisitions.  www.neoprobe.com

SOURCE Naviscan, Inc.