DUBLIN, Ohio--(BUSINESS WIRE)--Neoprobe Corporation (OTCBB: NEOP), a diversified developer of innovative oncology and cardiovascular surgical and diagnostic products, today announced that Platinum-Montaur Life Sciences, LLC (“Montaur”) agreed to exercise all 6 million of its Class Y warrants, which had an expiration date of December 5, 2013, to purchase common shares of Neoprobe Corporation. The exercise of the warrants will occur in two tranches of $1.6 million, which has occurred, and $1.85 million, which will occur no later than September 30th, providing Neoprobe with a total of $3.45 million in gross proceeds. In addition, Neoprobe and Montaur agreed to amend the $7 million secured note issued to Montaur in December 2007 to grant Montaur conversion rights with respect to the $3.5 million portion of the note that was previously unconvertible. The newly convertible $3.5 million portion will be convertible into 3.6 million shares of Neoprobe common stock. Montaur also agreed to remove the price-based anti-dilution adjustment provisions of the notes, preferred stock and warrants issued to Montaur that have created a significant non-cash derivative liability on the Company’s balance sheet. In conjunction with this transaction, Neoprobe issued Montaur a warrant to purchase 2.4 million shares of Neoprobe common stock at an exercise price of $0.97 per share. The pricing of the new conversion shares and warrants was based upon the market price of Neoprobe common stock on July 16th when Neoprobe and Montaur agreed in principle to the terms of the transaction.
