Navidea Biopharmaceuticals to Register Shares for Dual Listing on Tel-Aviv Stock Exchange
August 24 2015 - 7:30AM
Business Wire
Navidea Biopharmaceuticals Inc., (NYSE MKT:NAVB), a
biopharmaceutical company focused on the development and
commercialization of precision diagnostics, therapeutics and
radiopharmaceutical agents, today announced that it has filed an
application for registration of shares of its common stock for dual
listing on the Tel-Aviv Stock Exchange (TASE). Dual listing on the
TASE is allowed in the U.S. and Israel without any additional
regulatory requirements for companies whose shares are listed on
certain accredited stock exchanges outside of Israel, including the
NYSE MKT.
“We look forward to TASE review of our application and
subsequent listing approval," said Rick Gonzalez, Navidea’s
President and Chief Executive Officer. "We believe this dual
listing will expand our exposure and access to the Israeli
investment community, increase interest in Navidea by knowledgeable
Israel-focused institutional investors, and increase trading volume
if, as expected, our shares are included in certain TASE indexes,
as well as provide additional trading access for European investors
during regular European business hours."
Upon being accepted for listing, Navidea will be assigned a TASE
ticker symbol and will be eligible for inclusion in TASE indexes.
In the event that Navidea's common shares are accepted for listing
on the TASE, such shares will continue to be listed on the NYSE MKT
in the United States, and Navidea will remain subject to the rules
and regulations of NYSE and of the U.S. Securities and Exchange
Commission.
In order to comply with a TASE listing requirement that a listed
company have only one class of stock issued and outstanding,
Navidea entered into an agreement to exchange all of the
outstanding shares of Series B convertible preferred stock for
warrants to purchase shares of Navidea’s common stock. The warrants
are exercisable for the same number of shares of common stock as
would have been issuable upon conversion of the preferred stock and
there was no material change in underlying economic terms or
additional financial consideration exchanged.
About Navidea
Navidea Biopharmaceuticals, Inc. (NYSE MKT:NAVB) is a
biopharmaceutical 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™ and
NAV4694 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 in Europe 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20150824005326/en/
Navidea BiopharmaceuticalsInvestorsTom Baker,
617-532-0624tbaker@navidea.comorMediaSharon Correia, 978-655-2686Associate
Director, Corporate Communications
Navidea Biopharmaceuticals (AMEX:NAVB)
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