Neoprobe struggles to finance CIRA Biosciences subsidiary

By Angela McDaniels

Seattle, Nov. 3 - Neoprobe said attempts to finance its recently formed subsidiary, CIRA Biosciences Inc., have thus far have been unsuccessful and it may look at venture capital instead.

"The current state of the capital markets following recent biotech failures has made it difficult to secure the resources we were originally seeking. We are in the process of re-evaluating our capital needs and investigating alternative, venture-based sources of funding," said David Bupp, Neoprobe president and chief executive officer, in a company press release.

Neoprobe said it formed CIRA to develop therapies that combine Neoprobe's Activated Cellular Therapy technology for patient-specific oncology treatment with similar technology licensed from CIRA for treating viral (HIV/AIDS and hepatitis) and autoimmune diseases.

Neoprobe is a biomedical company based in Dublin, Ohio, that develops oncology and cardiovascular surgical and diagnostic products.

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