Navidea Provides Financing Update
May 23 2016 - 6:55AM
Business Wire
Navidea Biopharmaceuticals, Inc. (NYSE MKT:NAVB), today
announced that it has received an unsolicited offer to refinance
the entire existing CRG loan facility.
The approach, from
an institutional investor, should allow Navidea to
refinance all of the outstanding CRG debt with a facility that
allows for substantially more financial flexibility going forward.
The proposed facility has a similar interest rate and duration to
the existing facility, but does not have the same restrictive
maintenance covenants. The institutional investor also
indicated that they could have the facility closed and funded
within 120 days.
“While we believe we have no obligation to refinance the
existing senior secured debt facility, we are pleased that
investors are demonstrating support for the significant strides
Navidea has taken to improve sales, right size expenses
and develop an exciting portfolio of diagnostic products and
therapeutic products,” said Michael Goldberg M.D., Chairman of the
Navidea Board of Directors. “The investor appreciates how
far the technology has advanced since this facility was put in
place just over a year ago and has tailored their
facility to enable Navidea much greater operational flexibility
than under the current facility. Based on discussions
with the investor we believe they value the potential of
our portfolio and are excited and supportive of our efforts
in developing product candidates in both the
immunotherapy and immunodiagnostic space as evidenced by progress
in both rheumatoid arthritis and cardiovascular indications.”
The Company will continue to have ongoing dialogue with
several banks and will continue to seek out every avenue available
to it in order to streamline the capital structure.
About NavideaNavidea Biopharmaceuticals, Inc. (NYSE MKT:
NAVB) is a biopharmaceutical company focused on the development and
commercialization of precision immunodiagnostic agents and
immunotherapeutics. 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. The
development activities of the Manocept immunotherapeutic platform
will be conducted by Navidea in conjunction with its subsidiary,
Macrophage Therapeutics. 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
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, our
ability to repay our debt, the outcome of the CRG litigation,
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/20160523005469/en/
Navidea BiopharmaceuticalsInvestorsJed Latkin, 614-973-7490Interim Chief
Operating Officerjlatkin@navidea.comorMediaSharon Correia, 978-655-2686Senior Director,
Corporate Communications
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