SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULE 13d-1(a) AND
AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(a)
(Amendment No. 1)*
Navidea
Biopharmaceuticals, Inc.
(Name of Issuer)
Common Stock, par value $0.01 per share
(Title of Class of Securities)
640518106
(CUSIP Number)
Joseph SanFilippo
Chief Financial Officer
Platinum Management (NY) LLC
250 West 55th Street, 14th Floor
New York, New York 10019
(212) 582-2222
With
copies to:
Morris F. DeFeo, Jr., Esq.
Crowell & Moring LLP
1001 Pennsylvania Ave, NW
Washington, DC 20004-2595
(202) 624-2500
(Name,
Address and Telephone Number of Person Authorized to Receive Notices and Communications)
March 14, 2016
(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 which is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box x.
Note: Schedules filed in paper format shall
include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7(b) for other parties to whom copies are to be sent.
* |
The remainder of this cover page shall be filled out for a reporting persons initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information
which would alter disclosures provided in a prior cover page. |
The information required on 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).
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1 |
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NAME OF
REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Platinum Partners Value Arbitrage Fund L.P. |
2 |
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CHECK THE APPROPRIATE BOX IF A MEMBER
OF A GROUP (a) ¨ (b) ¨ |
3 |
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SEC USE ONLY
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4 |
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SOURCE OF FUNDS
WC |
5 |
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CHECK BOX IF DISCLOSURE OF LEGAL
PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) ¨ |
6 |
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CITIZENSHIP OR PLACE OF
ORGANIZATION Cayman Islands |
NUMBER OF
SHARES BENEFICIALLY
OWNED BY EACH
REPORTING PERSON
WITH |
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7 |
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SOLE VOTING POWER
0 |
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8 |
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SHARED VOTING POWER
13,748,890 |
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9 |
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SOLE DISPOSITIVE POWER
0 |
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10 |
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SHARED DISPOSITIVE POWER
13,748,890 |
11 |
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
13,748,890 |
12 |
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CHECK BOX IF THE AGGREGATE AMOUNT IN
ROW (11) EXCLUDES CERTAIN SHARES ¨ |
13 |
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PERCENT OF CLASS REPRESENTED BY AMOUNT
IN ROW (11) 8.59% |
14 |
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TYPE OF REPORTING PERSON
PN |
Page 2 of 9 pages
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1 |
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NAME OF
REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Platinum Management (NY) LLC |
2 |
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CHECK THE APPROPRIATE BOX IF A MEMBER
OF A GROUP (a) ¨ (b) ¨ |
3 |
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SEC USE ONLY
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4 |
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SOURCE OF FUNDS
WC |
5 |
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CHECK BOX IF DISCLOSURE OF LEGAL
PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) ¨ |
6 |
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CITIZENSHIP OR PLACE OF
ORGANIZATION Cayman Islands |
NUMBER OF
SHARES BENEFICIALLY
OWNED BY EACH
REPORTING PERSON
WITH |
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7 |
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SOLE VOTING POWER
0 |
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8 |
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SHARED VOTING POWER
13,748,890 |
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9 |
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SOLE DISPOSITIVE POWER
0 |
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10 |
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SHARED DISPOSITIVE POWER
13,748,890 |
11 |
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
13,748,890 |
12 |
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CHECK BOX IF THE AGGREGATE AMOUNT IN
ROW (11) EXCLUDES CERTAIN SHARES ¨ |
13 |
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PERCENT OF CLASS REPRESENTED BY AMOUNT
IN ROW (11) 8.59% |
14 |
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TYPE OF REPORTING PERSON
OO |
Page 3 of 9 pages
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1 |
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NAME OF
REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Platinum Partners Liquid Opportunity Master Fund L.P. |
2 |
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CHECK THE APPROPRIATE BOX IF A MEMBER
OF A GROUP (a) ¨ (b) ¨ |
3 |
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SEC USE ONLY
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4 |
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SOURCE OF FUNDS
WC |
5 |
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CHECK BOX IF DISCLOSURE OF LEGAL
PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) ¨ |
6 |
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CITIZENSHIP OR PLACE OF
ORGANIZATION Cayman Islands |
NUMBER OF
SHARES BENEFICIALLY
OWNED BY EACH
REPORTING PERSON
WITH |
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7 |
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SOLE VOTING POWER
0 |
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8 |
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SHARED VOTING POWER
1,581,193 |
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9 |
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SOLE DISPOSITIVE POWER
0 |
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10 |
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SHARED DISPOSITIVE POWER
1,581,193 |
11 |
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,581,193 |
12 |
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CHECK BOX IF THE AGGREGATE AMOUNT IN
ROW (11) EXCLUDES CERTAIN SHARES ¨ |
13 |
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PERCENT OF CLASS REPRESENTED BY AMOUNT
IN ROW (11) 0.99% |
14 |
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TYPE OF REPORTING PERSON
PN |
Page 4 of 9 pages
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1 |
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NAME OF
REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Platinum Liquid Opportunity Management (NY) LLC |
2 |
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CHECK THE APPROPRIATE BOX IF A MEMBER
OF A GROUP (a) ¨ (b) ¨ |
3 |
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SEC USE ONLY
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4 |
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SOURCE OF FUNDS
WC |
5 |
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CHECK BOX IF DISCLOSURE OF LEGAL
PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) ¨ |
6 |
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CITIZENSHIP OR PLACE OF
ORGANIZATION Delaware |
NUMBER OF
SHARES BENEFICIALLY
OWNED BY EACH
REPORTING PERSON
WITH |
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7 |
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SOLE VOTING POWER
0 |
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8 |
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SHARED VOTING POWER
1,581,193 |
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9 |
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SOLE DISPOSITIVE POWER
0 |
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10 |
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SHARED DISPOSITIVE POWER
1,581,193 |
11 |
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,581,193 |
12 |
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CHECK BOX IF THE AGGREGATE AMOUNT IN
ROW (11) EXCLUDES CERTAIN SHARES ¨ |
13 |
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PERCENT OF CLASS REPRESENTED BY AMOUNT
IN ROW (11) 0.99% |
14 |
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TYPE OF REPORTING PERSON
OO |
Page 5 of 9 pages
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1 |
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NAME OF
REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Mark Nordlicht |
2 |
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CHECK THE APPROPRIATE BOX IF A MEMBER
OF A GROUP (a) ¨ (b) ¨ |
3 |
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SEC USE ONLY
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4 |
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SOURCE OF FUNDS
WC |
5 |
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CHECK BOX IF DISCLOSURE OF LEGAL
PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) ¨ |
6 |
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CITIZENSHIP OR PLACE OF
ORGANIZATION Delaware |
NUMBER OF
SHARES BENEFICIALLY
OWNED BY EACH
REPORTING PERSON
WITH |
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7 |
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SOLE VOTING POWER
0 |
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8 |
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SHARED VOTING POWER
15,330,083 |
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9 |
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SOLE DISPOSITIVE POWER
0 |
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10 |
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SHARED DISPOSITIVE POWER
15,330,083 |
11 |
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
15,330,083 |
12 |
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CHECK BOX IF THE AGGREGATE AMOUNT IN
ROW (11) EXCLUDES CERTAIN SHARES ¨ |
13 |
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PERCENT OF CLASS REPRESENTED BY AMOUNT
IN ROW (11) 9.58% |
14 |
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TYPE OF REPORTING PERSON
IN |
Page 6 of 9 pages
EXPLANATORY NOTE
This Amendment No. 1 to Schedule 13D (Amendment No. 1) is being filed with respect to the Reporting Persons beneficial ownership
in Navidea Biopharmaceuticals, Inc. (Navidea or the Issuer). This Amendment No. 1 supplements the Schedule 13D previously filed with the Securities and Exchange Commission (the SEC) on March 9, 2016 (the
Schedule 13D). Each Item below amends and supplements the information disclosed under the corresponding Item of the Schedule 13D. Unless otherwise indicated herein, capitalized terms used but not defined in this Amendment No. 1
shall have the same meaning herein as are ascribed to such terms in the Schedule 13D. Except as set forth herein, this Amendment No. 1 does not modify any of the information previously reported by the Reporting Persons in the Schedule 13D.
ITEM 4. |
Purpose of Transaction. |
As previously disclosed in the Schedule 13D, the Reporting
Persons purchased the Common Stock based on the belief that such securities, when purchased, were undervalued and represented an attractive investment opportunity. Although no Reporting Person has any specific plan or proposal to acquire or dispose
of the Common Stock, consistent with its investment purpose, and subject to the restrictions set forth in the Agreement (as defined below), each Reporting Person at any time and from time to time may acquire additional Common Stock or
dispose of any or all of its Common Stock depending upon an ongoing evaluation of the investment in the Common Stock, prevailing market conditions, other investment opportunities, liquidity requirements of the Reporting Persons, and/or other
investment considerations. The purpose of the acquisitions of the Common Stock was for investment, and the acquisitions of the Common Stock were made in the ordinary course of business and were not made for the purpose of acquiring control of the
Issuer.
On March 14, 2016, Navidea entered into an Agreement (the Agreement) with the Reporting Persons, pursuant to
which the Reporting Persons agreed to reaffirm their existing loan agreement with Navidea and to certain standstill provisions.
Certain
of the Reporting Persons (the Sub Lender as such term is defined in the Agreement) are lenders under the existing loan agreement with Navidea dated as of July 25, 2012, as amended on June 25, 2013, March 4, 2014 and
May 8, 2015 (as amended, the Loan Agreement). The Issuer has previously disclosed the terms of the Loan Agreement and amendments thereto in Current Reports on Form 8-K as filed with the SEC on July 30, 2012, June 26,
2013 (as amended June 28, 2013), March 7, 2014 and May 15, 2015, respectively.
Navidea requested that the Sub Lender
affirm the availability of additional advances under the Loan Agreement, and Sub Lender has agreed to do so pursuant to the Agreement. As a condition to the Agreements effectiveness and to the performance of the Reporting Persons
obligations under the Agreement, Navidea has agreed to appoint and nominate Dr. Mark Greene and Dr. Anthony Fiorino immediately following the date of the Agreement (the New Directors) to fill vacancies on the Board of Directors
(Board) in the classes of directors whose terms will expire at the annual meeting of stockholders in 2017 and 2018, respectively. Other stockholders unaffiliated with the Reporting Persons had informed Navidea that they intended to
nominate the New Directors at the 2016 annual meeting of stockholders (the 2016 Annual Meeting). In addition, the Agreement contemplates that Mr. Brendan Ford, a current member of the Board , will resign from the Board effective
upon the filing of the Issuers Annual Report on Form 10-K for the fiscal year ended December 31, 2015, with the SEC.
Under the
Agreement, the Reporting Persons have agreed not to conduct a proxy contest for the election of directors with respect to the 2016 Annual Meeting or any other annual meeting of stockholders during the Standstill Period (as such term is defined
below) (each, an Applicable Meeting), and to vote in favor of all directors nominated by the Board for election at the 2016 Annual Meeting or any Applicable Meeting and for all other routine matters at such meetings supported by the
Board.
The Agreement also provides that, during the Standstill Period, the Reporting Persons and their affiliates and associates will not
beneficially own more than 9.99% (the Percentage Ownership Limit as defined in the Agreement) of the total outstanding shares of common stock of the Issuer, provided that the Reporting Persons will
not be forced to sell if they exceed the Percentage Ownership Limit solely as a result of a share repurchase or similar action by the Issuer, subject to certain conditions. The Reporting Persons
also agreed they will not engage in certain sale transactions, form groups with any third parties, seek to call a special meeting of stockholders, take any action in support of or making any proposal or request that constitutes impeding
or facilitating the acquisition of control of the Issuer, seek removal of an existing Board member, or taking certain other actions as set forth in the Agreement. The Standstill Period means the date that is eighteen (18) months
from the date of the Agreement, provided that a Change of Control (as defined in the Agreement) has not occurred
The foregoing
description of the Agreement does not purport to be complete and is qualified in its entirety by reference to the Agreement, a copy of which is incorporated by reference as Exhibit 99.2 and is incorporated herein by reference in response to this
Item 4.
The Issuer announced the Agreement in a Press Release dated March 14, 2016 a copy of which is incorporated by reference
as Exhibit 99.3. The Issuer has also filed a Current Report on Form 8-K filed with the SEC on March 18, 2016 regarding the Agreement and the director nominations, which included the Agreement and the Press Release as exhibits thereto.
Except as disclosed above, none of the Reporting Persons has any other plans or proposals which relate to, or would result in, any of the
matters referred to in paragraphs (a) through (j), inclusive, of the instructions to Item 4 of Schedule 13D. The Reporting Persons may, at any time and from time to time, review or reconsider their position and/or change their purpose
and/or formulate plans or proposals with respect thereto as long as any such action is consistent with the Agreement.
ITEM 6. |
Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer. |
The
description of the Agreement set forth in Item 4 above is incorporated herein by reference in response to this Item 6.
Other than the
Agreement, none of the Reporting Persons has any contracts, arrangements, understandings or relationships with respect to the securities of the Issuer, except for the Warrants to purchase Common Stock of the Issuer as set forth above in Item 5.
ITEM 7. |
Material to be Filed as Exhibits. |
Exhibit 99.1 Joint Filing Agreement (incorporated by reference
to Exhibit 99.1 to the Schedule 13D filed with the SEC on March 9, 2016).
Exhibit 99.2 Agreement dated as of March 14, 2016 by and among
the Company, Platinum Partners Value Arbitrage Fund L.P., Platinum Partners Liquid Opportunity Master Fund L.P., Platinum-Montaur Life Sciences, LLC, Platinum Management (NY) LLC, Platinum Liquid Opportunity Management (NY) LLC and Mark Nordlicht
(incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of the Issuer, as filed with the SEC on March 18, 2016).
Exhibit 99.3
Press Release, dated March 14, 2016, entitled Navidea and Platinum Enter Into Agreement Reaffirming Loan Obligations and Agreeing to Standstill Provisions (incorporated by reference to Exhibit 99.1 to the Current Report on
Form 8-K of the Issuer, as filed with the SEC on March 18, 2016).
SIGNATURES
After reasonable inquiry and to the best of its knowledge and belief, the undersigned each certifies that the information with respect to it set forth in this
statement is true, complete and correct.
Dated: March 18, 2016
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PLATINUM PARTNERS VALUE ARBITRAGE FUND L.P. |
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By: |
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Platinum Management (NY) LLC, as Investment Manager |
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By: |
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/s/ Joseph SanFilippo |
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Name: |
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Joseph SanFilippo |
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Title: |
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Chief Financial Officer |
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PLATINUM MANAGEMENT (NY) LLC |
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By: |
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/s/ Joseph SanFilippo |
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Name: |
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Joseph SanFilippo |
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Title: |
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Chief Financial Officer |
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PLATINUM PARTNERS LIQUID OPPORTUNITY MASTER FUND LP |
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By: |
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Platinum Liquid Opportunity Management (NY) LLC, as Investment Manager |
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By: |
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/s/ Joseph SanFilippo |
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Name: |
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Joseph SanFilippo |
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Title: |
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Chief Financial Officer |
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PLATINUM LIQUID OPPORTUNITY MANAGEMENT (NY) LLC |
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By: |
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/s/ Joseph SanFilippo |
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Name: |
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Joseph SanFilippo |
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Title: |
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Chief Financial Officer |
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/s/ Mark Nordlicht |
MARK NORDLICHT |
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