Neoprobe
This article was originally published in The Gray Sheet
Executive Summary
Developer of gamma-guided surgery products completes a $3 mil. private placement of convertible preferred stock to the Aries Domestic Fund, L.P. and the Aries Master Fund. "The funding structure gives Neoprobe access to capital, as needed, to execute its strategy," which includes moving toward profitability in 1999, Neoprobe states. A total of 30,000 shares of 5% Series B convertible preferred stock were issued. "An additional $3 mil. will be available to the company upon the completion of several conditions, including shareholder approval of the transaction at Neoprobe's annual meeting in May," the company notes