This article was originally published in The Gray Sheet
Developer of the RIGS cancer detection system announces that its registration statement for a selfunderwritten public offering of 2 mil. shares was declared effective Sept. 30 by the Securities and Exchange Commission. Dublin, Ohio-based Neoprobe originally filed a registration statement for an offering of 2.9 mil. shares to be underwritten by D. Blech & Co. ("The Gray Sheet" Aug. 22, p. 6). However, in the wake of the Sept. 22 temporary closing of D. Blech & Co. for its failure to comply with SEC minimum requirements for net-capital, Neoprobe opted to self-underwrite its offering. The firm will receive gross proceeds of about $4.3 mil., compared to the $9.3 it expected to net from the D. Blech-underwritten offering. The company says it still plans to use about 70% of the proceeds to fund further research and development of the RIGS system
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