– Management hosting webcast and conference
call on March 5, 2015 at 8:30 a.m. EST –
Navidea Biopharmaceuticals, Inc. (NYSE MKT: NAVB), today
announced results for the fourth quarter and year ended December
31, 2014. Navidea reported total revenue for 2014 of $6.3 million
including Lymphoseek® (technetium Tc 99m tilmanocept) injection
sales revenue of $4.2 million. Projected guidance for Navidea’s
share of Lymphoseek revenue in 2015 is $10 million to $12 million.
Based on expected revenue run rates and consistent with revenue
guidance, Navidea expects to achieve break-even cash flow in first
quarter 2016 based on our current strategic plans.
“Lymphoseek’s recently expanded U.S. label, our sharpened focus
on commercial execution and our new commercial and medical affairs
teams strongly position Navidea to accelerate near-term revenue
growth. We continue to practice fiscal discipline as evidenced by
the nearly 50% reduction in cash used in operations from the first
quarter to the fourth quarter of 2014. We believe these actions put
us on a solid path toward profitability,” said Rick Gonzalez,
Navidea President and Chief Executive Officer. “Lymphoseek’s
lymphatic mapping indication in solid tumors beyond breast,
melanoma and head & neck cancers, combined with the recent
European approval, will be drivers to the medium term revenue
growth while, in parallel, Macrophage Therapeutics advances
therapeutic applications of our ManoceptTM platform.”
Financial ResultsFull Year
Financial Results: Revenues for the year ended December 31,
2014 were $6.3 million compared to $1.1 million for 2013. Navidea’s
revenues for 2014 consisted of $4.2 million in sales of Lymphoseek,
$300,000 from business development milestones and $1.7 million from
various federal grants and other revenue, compared to $614,000, $0
and $516,000, respectively, for 2013.
Operating expenses for the year ended December 31, 2014 were
$32.3 million compared to $39.2 million for 2013. Research and
development expenses were $16.8 million during 2014 compared to
$23.7 million during 2013. The net decrease from 2013 to 2014 was
primarily a result of reductions in Lymphoseek, NAV5001 and NAV4694
product development costs coupled with reduced headcount. Selling,
general and administrative expenses were $15.5 million for 2014 and
2013. Increased medical education costs, legal and professional
services and other support costs were offset by decreased investor
relations costs, compensation, and out-of-pocket marketing costs to
support the commercial launch of Lymphoseek.
Navidea’s loss from operations for the year ended December 31,
2014 was $27.6 million compared to $38.4 million for the same
period in 2013. For the year ended December 31, 2014, Navidea
reported a loss attributable to common stockholders of $35.7
million, or $0.24 per share, compared to a loss attributable to
common stockholders of $42.7 million, or $0.35 per share, for the
same period in 2013.
Fourth Quarter Financial Results:
Revenues for the fourth quarter of 2014 were $2.2 million compared
to $535,000 for the same period in 2013. Navidea’s revenues for the
fourth quarter of 2014 consisted of $1.5 million in sales of
Lymphoseek and $738,000 from various federal grants and other
revenue, compared to $343,000 and $192,000, respectively, for the
same period in 2013.
Fourth quarter 2014 operating expenses were $6.4 million
compared to $13.4 million for the fourth quarter of 2013. Research
and development expenses were $2.3 million during the fourth
quarter of 2014 compared to $9.4 million during fourth quarter of
2013. The net decrease from 2013 to 2014 was primarily a result of
reductions in Lymphoseek, NAV5001 and NAV4694 product development
costs coupled with reduced headcount and related support costs.
Selling, general and administrative expenses were $4.1 million for
the fourth quarter of 2014 compared $4.0 million for the same
period in 2013. Increased out-of-pocket Lymphoseek marketing costs
and medical education costs were offset by decreased compensation
and related support costs.
Navidea loss from operations for the fourth quarter of 2014 was
$4.5 million compared to $13.1 million for the fourth quarter of
2013. For the fourth quarter of 2014, Navidea reported a loss
attributable to common stockholders of $6.9 million, or $0.05 per
share, compared to a loss attributable to common stockholders of
$13.8 million, or $0.10 per share, for the fourth quarter of
2013.
Milestones & HighlightsSelect milestones and
highlights that the Company achieved in 2014 and year to date in
2015 include:
- A sharpened corporate focus with new
management team additions
- Appointed Rick Gonzalez as CEO,
bringing more than 20 years of experience in the pharmaceutical
industry with notable global commercial expertise with oncology and
radiotherapy products
- Added Tom Klima as Chief Commercial
Officer to lead commercial strategy design and execution and
Michael Tomblyn, M.D. as Executive Medical Director to develop, in
collaboration with the medical community and potentially other
corporate partners, the application of Lymphoseek across multiple
tumor types
- Lymphoseek® (technetium Tc 99m
tilmanocept) Injection
- Experienced encouraging sales metrics
as measured by increasing number of procedures, account growth and
re-order rates
- Expanded indications in the U.S. for
sentinel lymph node biopsy (SLNB) in melanoma, head & neck and
breast cancers as well as for lymphatic mapping in all solid
tumors
- Attained European approval of
Lymphoseek Marketing Authorization Application for SLNB in
melanoma, breast and certain head & neck cancers
- Executed a sublicense agreement with
SpePharm AG, an affiliate of Norgine BV, covering distribution of
Lymphoseek in the European Union. In connection with the agreement,
the Company received an upfront payment of $2 million and is
eligible to receive additional commercial milestone payments up to
$5 million, as well as royalties on European net sales
- Received Orphan Drug designation for
head & neck cancers and triggered a $1 million refund of PDUFA
fees associated with the head & neck cancer sNDA
- Signed development and
commercialization agreements in China, Taiwan and Hong Kong
- Published the Lymphoseek Phase 3 head
& neck cancer clinical trial results and results of a
Lymphoseek comparative study in breast cancer in peer-reviewed
journals
- Supported Lymphoseek lifecycle
management efforts with Fast Track NIH Small Business Innovation
Research grants and investigator-initiated studies in several
cancer types
- Manocept™ Platform
- Formed Macrophage Therapeutics, Inc. as
a subsidiary to explore therapeutic applications of Manocept
platform compounds
- Assembled an expert Scientific Advisory
Board to serve as a strategic resource to develop therapeutic
applications for the Manocept platform
- Completed the initial cohort of a
physician-initiated study in Kaposi’s Sarcoma patients at the
University of California at San Francisco
- Formed R-NAV joint venture with Essex
Woodlands’ Rheumco to explore diagnostic and therapeutic
applications in rheumatoid arthritis and canine osteoarthritis
- Neurodegenerative Products
- Evaluating out-licensing/divestiture
proposals for the Phase 3 NAV4694 and NAV5001 assets
Conference CallNavidea will provide a business update and
discuss the fourth quarter and full year 2014 financial results
during a conference call with the investment community scheduled
for Thursday, March 5, 2015 at 8:30 a.m. ET. Investors and the
public are invited to access the live audio webcast through the
link below. Participants who would like to ask questions during the
question and answer session must participate by telephone also.
Participants are encouraged to log-in and/or dial-in fifteen
minutes before the conference call begins. The webcast replay is
expected to be available on our investor website,
http://ir.navidea.com, approximately two to four hours after the
live event.
Event:
Navidea Biopharmaceuticals Q4 and Year-End
2014 Financial Results Conference Call
Date/Time: Thursday, March 5, 2015 at 8:30 a.m. EST Webcast Link:
http://edge.media-server.com/m/p/wnxb6jnn/lan/en
Dial-in Number – US:
1 (800) 708-4540
Dial in Number – Int’l:
1 (847) 619-6397
Participant Passcode: 39040655 Replay
A webcast replay will be available on the
Investor Relations section of our website at http://ir.navidea.com
for 30 days.
About Navidea Biopharmaceuticals Inc.Navidea
Biopharmaceuticals, Inc. (NYSE MKT: NAVB) is a commercial stage
precision medicine company focused on the development and
commercialization of precision diagnostics, therapeutics and
radiopharmaceutical agents. Navidea is developing multiple
precision-targeted products and platforms including Manocept™,
NAV4694, and NAV5001, to help identify the sites and pathways of
undetected disease and enable better diagnostic accuracy, clinical
decision-making, targeted treatment and, ultimately, patient care.
Lymphoseek® (technetium Tc 99m tilmanocept) injection, Navidea’s
first commercial product from the Manocept platform, was approved
by the FDA in March 2013 and by the EMA in November 2014. Navidea’s
strategy is to deliver superior growth and shareholder return by
bringing to market novel radiopharmaceutical agents and
therapeutics, and advancing the Company’s pipeline through global
partnering and commercialization efforts. For more information,
please visit www.navidea.com.
The Private Securities Litigation Reform Act of 1995 (the Act)
provides a safe harbor for forward-looking statements made by or on
behalf of the Company. Statements in this news release, which
relate to other than strictly historical facts, such as statements
about the Company’s plans and strategies, expectations for future
financial performance, new and existing products and technologies,
anticipated clinical and regulatory pathways, and markets for the
Company’s products are forward-looking statements within the
meaning of the Act. The words “believe,” “expect,” “anticipate,”
“estimate,” “project,” and similar expressions identify
forward-looking statements that speak only as of the date hereof.
Investors are cautioned that such statements involve risks and
uncertainties that could cause actual results to differ materially
from historical or anticipated results due to many factors
including, but not limited to, the Company’s continuing operating
losses, uncertainty of market acceptance of its products, reliance
on third party manufacturers, accumulated deficit, future capital
needs, uncertainty of capital funding, dependence on limited
product line and distribution channels, competition, limited
marketing and manufacturing experience, risks of development of new
products, regulatory risks and other risks detailed in the
Company’s most recent Annual Report on Form 10-K and other
Securities and Exchange Commission filings. The Company undertakes
no obligation to publicly update or revise any forward-looking
statements.
Financial Tables to Follow
NAVIDEA BIOPHARMACEUTICALS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS March 31, December 31,
2014 2013 (unaudited) Assets: Cash $ 26,006,463 $
32,939,026 Other current assets 3,516,469 4,392,156 Non-current
assets 3,116,544 2,985,335 Total
assets $ 32,639,476 $ 40,316,517
Liabilities and stockholders' deficit: Notes payable, net of
discount, current $ - $ 4,095,650 Other current liabilities
5,445,579 7,195,312 Notes payable, net of discount 30,939,076
23,572,603 Derivative liabilities 7,693,351 7,692,087 Other
liabilities 3,169,656 1,770,452 Stockholders' deficit
(14,608,186 ) (4,009,587 ) Total liabilities and
stockholders' deficit $ 32,639,476 $ 40,316,517
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS Three Months Ended March 31, March 31, 2014 2013
(unaudited) (unaudited) Revenue: Net sales $ 626,631 $ - Grant
revenue 125,173 - Total revenue
751,804 - Cost of goods sold
193,220 - Gross profit 558,584
- Operating expenses: Research and
development 5,226,794 3,639,757 Selling, general and administrative
3,910,833 3,364,490 Total operating
expenses 9,137,627 7,004,247
Loss from operations (8,579,043 ) (7,004,247 )
Interest expense (943,838 ) (363,082 ) Change in fair value of
financial instruments 392,483 - Loss on extinguishment of debt
(2,610,196 ) - Other income, net 41 26,310
Net loss attributable to common stockholders $
(11,740,553 ) $ (7,341,019 ) Loss per common share (basic
and diluted) $ (0.08 ) $ (0.06 ) Weighted average shares
outstanding (basic and diluted) 144,783,351 113,763,600
NAVIDEA BIOPHARMACEUTICALS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS June 30,
December 31, 2014 2013 (unaudited) Assets: Cash $
17,471,780 $ 32,939,026 Other current assets 3,093,473 4,392,156
Non-current assets 3,023,072 2,985,335
Total assets $ 23,588,325 $ 40,316,517
Liabilities and stockholders' deficit: Notes payable,
net of discount, current $ 782,512 $ 4,095,650 Other current
liabilities 5,369,866 7,195,312 Notes payable, net of discount
30,438,739 23,572,603 Derivative liabilities 7,689,550 7,692,087
Other liabilities 3,142,933 1,770,452 Stockholders' deficit
(23,835,275 ) (4,009,587 ) Total liabilities and
stockholders' deficit $ 23,588,325 $ 40,316,517
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS Three Months Ended Six Months Ended June 30,
June 30, June 30, June 30, 2014 2013 2014 2013 (unaudited)
(unaudited) (unaudited) (unaudited) Revenue: Net sales $ 1,046,257
$ 127,821 $ 1,672,888 $ 127,821 Grant revenue 28,433
67,456 153,606 67,456
Total revenue 1,074,690 195,277
1,826,494 195,277 Cost of goods sold
270,498 105,438 463,718
105,438 Gross profit 804,192
89,839 1,362,776 89,839
Operating expenses: Research and development 5,112,098
4,376,833 10,338,892 8,016,590 Selling, general and administrative
4,907,652 4,169,437 8,818,485
7,533,927 Total operating expenses
10,019,750 8,546,270 19,157,377
15,550,517 Loss from operations
(9,215,558 ) (8,456,431 ) (17,794,601 )
(15,460,678 ) Interest expense (914,070 ) (465,268 )
(1,857,908 ) (828,350 ) Change in fair value of financial
instruments (92,332 ) - 300,151 - Loss on extinguishment of debt -
(1,372,266 ) (2,610,196 ) (1,372,266 ) Other income (expense), net
(274 ) (6,386 ) (233 ) 19,924
Net loss attributable to common stockholders $ (10,222,234 )
$ (10,300,351 ) $ (21,962,787 ) $ (17,641,370 ) Loss per
common share (basic and diluted) $ (0.07 ) $ (0.09 ) $ (0.15 ) $
(0.15 )
Weighted average shares outstanding (basic
and diluted)
150,019,939 118,260,288 147,416,111 116,024,366
NAVIDEA BIOPHARMACEUTICALS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS September 30, December
31, 2014 2013
(unaudited)
Assets: Cash $ 10,388,618 $ 32,939,026 Other current
assets 3,589,110 4,392,156 Non-current assets 3,664,190
2,985,335 Total assets $ 17,641,918
$ 40,316,517 Liabilities and
stockholders' deficit: Notes payable, net of discount,
current $ 2,725,107 $ 4,095,650 Other current liabilities 5,608,635
7,195,312 Notes payable, net of discount 29,756,627 23,572,603
Derivative liabilities 7,697,130 7,692,087 Other liabilities
3,116,188 1,770,452 Stockholders' deficit (31,261,769 )
(4,009,587 ) Total liabilities and stockholders'
deficit $ 17,641,918 $ 40,316,517
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Three
Months Ended Nine Months Ended September 30, September 30,
September 30, September 30, 2014 2013 2014 2013 (unaudited)
(unaudited) (unaudited) (unaudited) Revenue: Lymphoseek sales
revenue $ 1,101,071 $ 143,799 $ 2,773,959 $ 271,620 Lymphoseek
milestone revenue 300,000 - 300,000 - Grant and other revenue
848,999 256,575 1,002,605
324,031 Total revenue 2,250,070
400,374 4,076,564 595,651
Cost of good sold 807,880 75,422
1,271,598 180,860 Gross profit
1,442,190 324,952 2,804,966
414,791 Operating expenses: Research and
development 4,158,085 6,278,459 14,496,977 14,295,049 Selling,
general and administrative 2,646,591 3,971,172
11,465,076 11,505,099 Total
operating expenses 6,804,676 10,249,631
25,962,053 25,800,148 Loss from
operations (5,362,486 ) (9,924,679 )
(23,157,087 ) (25,385,357 ) Interest expense (920,905
) (976,226 ) (2,778,813 ) (1,804,576 ) Equity in the loss of R-NAV,
LLC (262,198 ) - (262,198 ) - Change in fair value of financial
instruments (409,650 ) (377,474 ) (109,499 ) (377,474 ) Loss on
extinguishment of debt - - (2,610,196 ) (1,372,266 ) Other income
(expense), net 56,343 (27,828 ) 56,110
(7,904 ) Net loss attributable to common
stockholders $ (6,898,896 ) $ (11,306,207 ) $ (28,861,683 ) $
(28,947,577 ) Loss per common share (basic and diluted) $
(0.05 ) $ (0.09 ) $ (0.19 ) $ (0.25 )
Weighted average shares outstanding (basic
and diluted)
150,169,712 121,117,562 148,344,064 117,740,754
NAVIDEA BIOPHARMACEUTICALS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS December 31, December
31, 2014 2013
(unaudited)
Assets: Cash $ 5,479,006 $ 32,939,026 Other current
assets 3,120,139 4,392,156 Non-current assets 3,321,035
2,985,335 Total assets $ 11,920,180
$ 40,316,517 Liabilities and
stockholders' deficit: Notes payable, net of discount,
current $ 4,383,472 $ 4,095,650 Other current liabilities 4,711,619
7,195,312 Notes payable, net of discount 29,539,135 23,572,603
Derivative liabilities - 7,692,087 Other liabilities 3,089,420
1,770,452 Stockholders' deficit (29,803,466 )
(4,009,587 ) Total liabilities and stockholders' deficit $
11,920,180 $ 40,316,517
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended
Twelve Months Ended December 31, December 31, December 31, December
31, 2014 2013 2014 2013 (unaudited) (unaudited) (unaudited)
Revenue: Lymphoseek sales revenue $ 1,459,994 $ 342,803 $ 4,233,953
$ 614,423 Lymphoseek milestone revenue - - 300,000 - Grant and
other revenue 738,291 192,176
1,740,896 516,207 Total revenue
2,198,285 534,979 6,274,849
1,130,630 Cost of good sold 314,547
151,955 1,586,145 332,815
Gross profit 1,883,738 383,024
4,688,704 797,815
Operating expenses: Research and development 2,282,612 9,415,134
16,779,589 23,710,183 Selling, general and administrative
4,076,995 4,020,847 15,542,071
15,525,946 Total operating expenses 6,359,607
13,435,981 32,321,660
39,236,129 Loss from operations (4,475,869 )
(13,052,957 ) (27,632,956 ) (38,438,314 )
Interest expense (927,357 ) (974,204 ) (3,706,170 )
(2,778,780 ) Equity in the loss of R-NAV, LLC (261,611 ) - (523,809
) - Change in fair value of financial instruments (1,232,890 )
265,401 (1,342,389 ) (112,073 ) Loss on extinguishment of debt - -
(2,610,196 ) (1,372,266 ) Other income (expense), net 32,741
9,879 88,851 1,975
Net loss attributable to common stockholders $ (6,864,986 )
$ (13,751,881 ) $ (35,726,669 ) $ (42,699,458 ) Loss per
common share (basic and diluted) $ (0.05 ) $ (0.10 ) $ (0.24 ) $
(0.35 )
Weighted average shares outstanding (basic
and diluted)
149,888,696 133,881,021 148,748,396 121,808,986
Navidea BiopharmaceuticalsBrent Larson, 614-822-2330Executive VP
& CFOOrSharon Correia, 978-655-2686Associate Director,
Corporate Communications
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