Neoprobe Gains Rights To Patent Used In Alzheimer's Diagnoses

Neoprobe Corp. (NEOP) said it has gained exclusive worldwide licensing rights for a radioimaging material from AstraZeneca PLC (AZN, AZN.LN) that might help better diagnose Alzheimer's disease.

Shares rose 2.5% to $2.50 after hours Monday. The stock is off 20% over the past three months through the close.

The pharmaceutical company said the fluorine-based radioimaging candidate can help evaluate patients with symptoms of cognitive impairment, a possible indicator of Alzheimer's. The material uses low-level radiation to highlight deposits in the brain that can be imaged in positron emission tomography scans, commonly known as PET scans.

Clinical studies of more than 70 patients suggested the candidate can quickly and safely identify patients who probably suffer from Alzheimer's. Alternatively, a negative result will show that patients do not suffer from the disease.

Neoprobe plans to start a phase-3 clinical program using the product in early 2013 while at the same time building the safety and training database needed to offer it. Patents and patent applications filed for the product are effective until 2028.

Neoprobe earlier this month said it will change its name to Navidea Biopharmaceuticals Inc., following the sale of its namesake medical device business. The company is scheduled to begin trading under new ticker symbol NAVB on the NYSE Amex exchange Jan. 5.

 
   -By Drew FitzGerald, Dow Jones Newswires; 212-416-2909; [e-mail]