A boost in gamma detection device sales helped Neoprobe to a 12% increase in annual and quarterly revenue for 2010. But noncash charges related to accounting adjustment led to higher losses for the firm.
Neoprobe saw a 30% increase in revenues to $3.2 million for the fourth quarter of 2010 (end-December 31), up from $2.4 million for the same period in 2009. But the company also had deeper net losses for the quarter, reporting $2.1 million, compared with $354,000 for the same period in 2009.
For 2010, Neoprobe had revenues of $10.7 million, compared with $9.5 million for 2009, a 12% increase. The year's net loss was $58.2 million, compared with a net loss of $39.8 million in 2009.
The loss for 2010 includes noncash losses of $51 million, primarily due to accounting charges related to the June exchange of previous convertible debt and preferred stock for a new series of preferred stock, Neoprobe said.
In other news, the company announced it has completed a successful preinvestigational new drug (IND) meeting with the U.S. Food and Drug Administration (FDA) for RIGScan CR, Neoprobe's proprietary radiopharmaceutical for detecting colorectal cancer tumors. As a result of feedback from the FDA, Neoprobe plans to move forward with continued development of the RIGScan technology in 2011 and 2012, according to the firm.
