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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. _____________)*
NEOPROBE CORPORATION
--------------------------------------------------------------------------------
(Name of Issuer)
COMMON STOCK, PAR VALUE $.001 PER SHARE
--------------------------------------------------------------------------------
(Title of Class of Securities)
640518106
--------------------------------------------------------------------------------
(CUSIP Number)
DAVID GERBER
GREAT POINT PARTNERS, LLC, 2 PICKWICK PLAZA, SUITE 450, GREENWICH, CT 06830
TELEPHONE NUMBER 203-971-3300
--------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
DECEMBER 14, 2004
--------------------------------------------------------------------------------
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of ss.ss.240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the
following box. ?
NOTE: Schedule filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See ss.240.13d-7 for other
parties to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not
be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
-------------------------
CUSIP No.
-------------------------
=========== ==========================================================================================================
1 NAMES OF REPORTING PERSONS
Biomedical Value Fund, L.P.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON (ENTITIES ONLY):
[ ]
----------- ----------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
----------- ----------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
----------- ----------------------------------------------------------------------------------------------------------
4 Source of Funds (See Instructions) PF
----------- ----------------------------------------------------------------------------------------------------------
5 Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e)
----------- ----------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
-------------------------------------- -------- ----------------------------------------------------------------------
NUMBER OF SHARES 7 SOLE VOTING POWER -0-
BENEFICIALLY OWNED BY 8 SHARED VOTING POWER 16,500,000
EACH REPORTING PERSON 9 SOLE DISPOSITIVE POWER -0-
WITH 10 SHARED DISPOSITIVE POWER 16,500,000
----------- ----------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 16,500,000
----------- ------------------------------------------------------------------------------------------ ---------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(See Instructions) [ ]
----------- ----------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 22.7%
----------- ----------------------------------------------------------------------------------------------------------
14 Type of Reporting Person (See Instructions)
PN
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT.
-------------------------
CUSIP No.
-------------------------
=========== ==========================================================================================================
1 NAMES OF REPORTING PERSONS
Biomedical Offshore Value Fund, Ltd.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON (ENTITIES ONLY):
[ ]
----------- ----------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
----------- ----------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
----------- ----------------------------------------------------------------------------------------------------------
4 Source of Funds (See Instructions) PF
----------- ----------------------------------------------------------------------------------------------------------
5 Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e)
----------- ----------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands
-------------------------------------- -------- ----------------------------------------------------------------------
NUMBER OF SHARES 7 SOLE VOTING POWER -0-
BENEFICIALLY OWNED BY 8 SHARED VOTING POWER 13,500,000
EACH REPORTING PERSON 9 SOLE DISPOSITIVE POWER -0-
WITH 10 SHARED DISPOSITIVE POWER 13,500,000
----------- ----------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 13,500,000
----------- ------------------------------------------------------------------------------------------ ---------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(See Instructions) [ ]
----------- ----------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 19.3%
---------- ----------------------------------------------------------------------------------------------------------
14 Type of Reporting Person (See Instructions)
OO
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
=========== ==========================================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT.
-------------------------
CUSIP No.
-------------------------
=========== ==========================================================================================================
1 NAMES OF REPORTING PERSONS
Great Point Partners, LLC
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON (ENTITIES ONLY):
[ ]
----------- ----------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
----------- ----------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
----------- ----------------------------------------------------------------------------------------------------------
4 Source of Funds (See Instructions) AF
----------- ----------------------------------------------------------------------------------------------------------
5 Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e)
----------- ----------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
-------------------------------------- -------- ----------------------------------------------------------------------
NUMBER OF SHARES 7 SOLE VOTING POWER -0-
BENEFICIALLY OWNED BY 8 SHARED VOTING POWER 30,000,000
EACH REPORTING PERSON 9 SOLE DISPOSITIVE POWER -0-
WITH 10 SHARED DISPOSITIVE POWER 30,000,000
----------- ----------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 30,000,000
----------- ------------------------------------------------------------------------------------------ ---------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(See Instructions) [ ]
----------- ----------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 34.8%
---------- ----------------------------------------------------------------------------------------------------------
14 Type of Reporting Person (See Instructions)
OO
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
=========== ==========================================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT.
-------------------------
CUSIP No.
-------------------------
=========== ==========================================================================================================
1 NAMES OF REPORTING PERSONS
Dr. Jeffrey R. Jay, M.D.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON (ENTITIES ONLY):
[ ]
----------- ----------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
----------- ----------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
----------- ----------------------------------------------------------------------------------------------------------
4 Source of Funds (See Instructions) AF
----------- ----------------------------------------------------------------------------------------------------------
5 Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e)
----------- ----------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
-------------------------------------- -------- ----------------------------------------------------------------------
NUMBER OF SHARES 7 SOLE VOTING POWER -0-
BENEFICIALLY OWNED BY 8 SHARED VOTING POWER 30,000,000
EACH REPORTING PERSON 9 SOLE DISPOSITIVE POWER -0-
WITH 10 SHARED DISPOSITIVE POWER 30,000,000
----------- ----------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 30,000,000
----------- ------------------------------------------------------------------------------------------ ---------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(See Instructions) [ ]
----------- ----------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 34.8%
---------- ----------------------------------------------------------------------------------------------------------
14 Type of Reporting Person (See Instructions)
IN
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
=========== ==========================================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT.
---------------------------
CUSIP No.
---------------------------
ITEM 1 SECURITY AND ISSUER:
--------------------
The title and class of equity securities to which this
statement relates is, Common Stock, par value $.001 per share.
The name and address of the principal executive offices of the
issuer is:
Neoprobe Corporation
425 Metro Place North
Suite 300
Dublin, Ohio 43017
ITEM 2 IDENTITY AND BACKGROUND:
------------------------
The identify and background of the persons filing this
statement are as follows:
Biomedical Value Fund, L.P. ("BMVF") is a Delaware limited
partnership with its principal offices at 2 Pickwick Plaza, Suite 450,
Greenwich, CT 06830.
Biomedical Offshore Value Fund, Ltd. ("BOVF") is an exempted
company incorporated under the provisions of the Companies Law of the Cayman
Islands with its principal office at P.O. Box 1748 GT, Cayman Corporate Centre,
27 Hospital Road, Georgetown, Grand Cayman, Cayman Islands CJ08
Great Point Partners LLC ("Great Point") is a Delaware limited
liability company, with its principal offices at 2 Pickwick Plaza, Suite 450,
Greenwich, CT 06830.
Dr. Jeffrey R. Jay ("Dr. Jay") is an individual with a
business address at 2 Pickwick Plaza, Suite 450, Greenwich, CT 06830. Dr. Jay is
a citizen of the United States.
None of the Reporting Persons was during the last five years,
a party to a civil proceeding of a judicial or administrative body of competent
jurisdiction and as a result of such proceeding was or is subject to a judgment,
decree or final order enjoining future violations of, or prohibiting or
mandating activities subject to, federal or state securities laws or finding any
violation with respect to such laws.
ITEM 3 SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION:
-------------------------------------------------
BMVF used its own funds to purchase an 8% Series A Convertible
Promissory Note of the issuer in the principal amount of $4,400,000 (convertible
into 11,000,000 shares of Common Stock) and a Warrant to acquire 5,500,000
shares of Common Stock. BMVF intends to use its own funds to exercise the
Warrant, to the extent it is exercised.
BOVF used its funds to purchase an 8% Series A Convertible
Promissory Note in the principal amount of $3,600,000 (convertible into
9,000,000 shares of Common Stock) and a Warrant to acquire 4,500,000 shares of
Common Stock. BOVF intends to use its funds to exercise the Warrant, to the
extent it is exercised.
---------------------------
CUSIP No.
---------------------------
ITEM 4 PURPOSE OF TRANSACTION:
-----------------------
The purpose of the acquisition of the securities of the issuer
was for investment.
ITEM 5 INTEREST IN SECURITIES OF THE ISSUER:
------------------------------------
BMVF owns in the aggregate 16,500,000 shares of Common Stock
of the issuer, of which 11,000,000 shares are issuable upon conversion of an 8%
Series A Convertible Promissory Note in the principal amount of $4,400,000, and
of which 5,500,000 shares are issuable upon exercise of a Warrant. Such shares
in the aggregate constitute 22.7% of the shares of Common Stock outstanding,
computed in accordance with Rule 13d-3. BMVF share voting and dispositive power
over the shares of Common Stock that it beneficially owns.
BOVF owns in the aggregate 13,500,000 shares of Common Stock
of the issuer, of which 9,000,000 shares are issuable upon conversion of an 8%
Series A Convertible Promissory Note in the principal amount of $3,600,000, and
of which 4,500,000 shares are issuable upon exercise of a Warrant. Such shares
in the aggregate constitute 19.3% of the shares of Common Stock outstanding,
computed in accordance with Rule 13d-3. BOVF share voting and dispositive power
over the shares of Common Stock that it beneficially owns.
Great Point is the investment manager of each of BMVF and BOVF
and by virtue of such status may be deemed to be the beneficial owner of the
shares of Common Stock held by BMVF and BOVF. Dr. Jay as senior managing member
of Great Point has shared voting and investment power with respect to the shares
of Common Stock held by BMVF and BOVF and may be deemed to be the beneficial
owner of such shares. Great Point and Dr. Jay disclaim beneficial ownership of
the shares of Common Stock held by BMVF and BOVF, except to the extent of any
pecuniary interest, and this statement shall not be deemed to be an admission
that they are the beneficial owners of such securities.
ITEM 6 CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
--------------------------------------------------------------
RESPECT TO SECURITIES OF THE ISSUER:
-------------------------------------
BMVF and BOVF acquired the 8% Series A Convertible Promissory
Notes and Warrants of the issuer pursuant to a Securities Purchase Agreement
dated as of December 13, 2004. The Notes will bear interest at 8% per annum and
are freely convertible into shares of the issuer's Common Stock at a price of
$.40 per share. The issuer may force conversion of the Notes prior to their
stated maturity under certain circumstances. As part of the transaction, the
issuer issued five-year Warrants to BMVF and BOVF to purchase shares of Common
Stock at an exercise price of $.46. The issuer has agreed to file a registration
statement with the Securities and Exchange Commission registering shares
issuable upon conversion of the Notes and exercise of the Warrants no later than
30 days following the closing. The repayment of the Notes is secured by a lien
upon certain assets of the issuer pursuant to a Security Agreement.
---------------------------
CUSIP No.
---------------------------
ITEM 7 MATERIAL TO BE FILED AS EXHIBIT :
--------------------------------
The following documents are filed as exhibits and are
incorporated by reference to the issuer's Form 8-K, filed by the Issuer on
December 16, 2004;
EXHIBIT DESCRIPTION
-------------------
10.1 Securities Purchase Agreement, dated as of December 13, 2004, among
Neoprobe Corporation, Biomedical Value Fund, L.P., Biomedical Offshore
Value Fund, Ltd. and David C. Bupp. (Exhibit 10.1 to the Form 8-K)
10.2 Form of Neoprobe Corporation 8% Series A Convertible Promissory Note.
This is the Form of two substantially identical notes issued to BMVF and
BOVF. (Exhibit 10.2 to the Form 8-K)
10.3 Form of Neoprobe Corporation Purchase Warrant. This is the Form of two
substantially identical warrants issued to BMVF and BOVF. (Exhibit 10.3
to the Form 8-K)
10.4 Security Agreement dated as of December 13, 2004, made by Neoprobe
Corporation in favor of Biomedical Value Fund, L.P., Biomedical Offshore
Value Fund, ltd. and David C. Bupp. (Exhibit 10.5 to the Form 8-K)
---------------------------
CUSIP No.
---------------------------
SIGNATURE
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement is true,
complete and correct.
Date: December 21, 2004
Biomedical Value Fund, L.P.
By: Great Point GP, LLC,
its general partner
By: /s/ DR. JEFFREY R. JAY
---------------------------------
Name: DR. JEFFREY R. JAY
--------------------------
Its: SENIOR MANAGING MEMBER
---------------------------
Biomedical Offshore Value Fund, Ltd.
By: Great Point Partners, LLC,
its investment manager
By: /s/ DR. JEFFREY R. JAY
---------------------------------
Name: DR. JEFFREY R. JAY
--------------------------
Its: SENIOR MANAGING MEMBER
---------------------------
Great Point Partners, LLC
By: /s/ DR. JEFFREY R. JAY
---------------------------------
Name: DR. JEFFREY R. JAY
--------------------------
Its: SENIOR MANAGING MEMBER
---------------------------
/s/ DR. JEFFREY R. JAY
------------------------------------------
Dr. Jeffrey R. Jay, individually
EXHIBIT A
AGREEMENT REGARDING THE JOINT FILING OF SCHEDULE 13G
The undersigned hereby agree as follows:
(i) Each of them is individually eligible to use the Schedule 13D to
which this Exhibit is attached, and such Schedule 13D is filed on behalf of each
of them; and
(ii) Each of them is responsible for the timely filing of such Schedule
13G and any amendments thereto, and for the completeness and accuracy of the
information concerning such person contained therein; but none of them is
responsible for the completeness or accuracy of the information concerning the
other persons making the filing, unless such person knows or has reason to
believe that such information is inaccurate.
Date: September 21, 2004
Biomedical Value Fund, L.P.
By: Great Point GP, LLC,
its general partner
By: /s/ DR. JEFFREY R. JAY
--------------------------------------
Name: DR. JEFFREY R. JAY
-------------------------------
Its: SENIOR MANAGING MEMBER
--------------------------------
Biomedical Offshore Value Fund, Ltd.
By: Great Point Partners, LLC,
its investment manager
By: /s/ DR. JEFFREY R. JAY
--------------------------------------
Name: DR. JEFFREY R. JAY
-------------------------------
Its: SENIOR MANAGING MEMBER
--------------------------------
Great Point Partners, LLC
By: /s/ DR. JEFFREY R. JAY
--------------------------------------
Name: DR. JEFFREY R. JAY
-------------------------------
Its: SENIOR MANAGING MEMBER
--------------------------------
/s/ DR. JEFFREY R. JAY
-----------------------------------------------
Dr. Jeffrey R. Jay, individually
Great Point Partners, LLC
By: /s/ DR. JEFFREY R. JAY
------------------------------------------
Name: DR. JEFFREY R. JAY
--------------------------------------
Its: SENIOR MANAGING MEMBER
/s/ DR. JEFFREY R. JAY
-----------------------------------------------
Dr. Jeffrey R. Jay, individually