Neoprobe receives $244,479 grant under QTDP program

Neoprobe Corporation (OTCBB: NEOP), a diversified developer of innovative oncology surgical and diagnostic products, today announced that it has been awarded a grant of $244,479 under the qualifying therapeutic discovery project ("QTDP") program established under Section 48D of the Internal Revenue Code. The Company's grant is related to the application submitted for its Lymphoseek^® project.

“This cash award will provide additional support for the development of Lymphoseek, our lead program, without diluting the value of either our assets or our equity”

"This cash award will provide additional support for the development of Lymphoseek, our lead program, without diluting the value of either our assets or our equity," said David C. Bupp, President and CEO of Neoprobe. "We are pleased to have Lymphoseek recognized for this grant."

The QTDP program was established as a result of the Patient Protection and Affordable Care Act of 2010 to provide tax credits or grants to taxpayers with no more than 250 employees in an amount equal to 50% of eligible 2009 and 2010 expenses related to a qualifying therapeutic discovery project. The QTDP program targeted projects that show potential to produce new therapies to treat areas of unmet medical need or prevent, detect or treat chronic or acute diseases and conditions, reduce long-term health care costs in the United States, or significantly advance the goal of curing cancer within the next 30 years. As part of the review process for research projects, the Department of Health and Human Services evaluated each project and only projects that show a reasonable potential to meet these goals were certified as eligible for the credit or grant. Allocation of the credit also took into consideration which projects show the greatest potential to create and sustain high-quality, high-paying U.S. jobs and to advance U.S. competitiveness in life, biological and medical sciences. The grant amounts were further limited because the QTDP program was oversubscribed resulting in the Company receiving significantly less than 50% of its qualifying expenditures.