Policy & Regulation
Navidea Biopharmaceuticals Gains USD 7.6m in Additional Funding
18 February 2020 - - US-based Navidea Biopharmaceuticals, Inc. (NYSE American: NAVB) a company focused on the development of precision immunodiagnostic agents and immunotherapeutics, has executed agreements with two existing investors, including John K. Scott, Jr., to purchase approximately 4m shares of the company's common stock, par value USD 0.001 per share, for aggregate gross proceeds to Navidea of approximately USD 3.4m, the company said.

The securities to be issued to the Investors will represent approximately 16.5% of the company's outstanding common stock after such issuance.

In addition, the company executed a binding term sheet to sell the judgment entered by the Ohio Court of Common Pleas in favor of Navidea in the amount of USD 4.3m plus interest, for USD 4.2m of proceeds to Navidea.

The company has the option, within 45 days of the sale, to repurchase the Judgment for a 10% premium. Such repurchase option may be in the form of the company's common stock at a 10% discount to the then-current market price.

Navidea intends to use the net proceeds from these transactions to fund its research and development programs, including continued advancement its two Phase 2b and Phase 3 clinical trials of Tc99m tilmanocept in patients with rheumatoid arthritis, and for general working capital purposes and other operating expenses.

The securities offered and to be sold by Navidea in the private placement to Scott have not been registered under the Securities Act of 1933, as amended, or state securities laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or an applicable exemption from registration requirements.

Navidea has agreed to file a registration statement with the SEC covering the resale of the shares of common stock to be issued to Scott.

Navidea Biopharmaceuticals, Inc. (NYSE American: NAVB) is a biopharmaceutical company focused on the development of precision immunodiagnostic agents and immunotherapeutics.

Navidea is developing multiple precision-targeted products based on its Manocept platform to enhance patient care by identifying the sites and pathways of disease and enable better diagnostic accuracy, clinical decision-making, and targeted treatment.

Navidea's Manocept platform is predicated on the ability to specifically target the CD206 mannose receptor expressed on activated macrophages.

The Manocept platform serves as the molecular backbone of Tc99m tilmanocept, the first product developed and commercialised by Navidea based on the platform.

Navidea's strategy is to deliver superior growth and shareholder return by bringing to market novel products and advancing the company's pipeline through global partnering and commercialisation efforts.
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