Navidea Executes a Term Sheet with Cerveau Technologies to Sublicense NAV4694
August 08 2016 - 5:00PM
Business Wire
Navidea Biopharmaceuticals, Inc. (NYSE MKT: NAVB) announces the
execution of a non-binding term sheet with Cerveau Technologies,
Inc. (Cerveau) of Boston, MA sublicensing the worldwide development
and commercialization of NAV4694, a beta-amyloid imaging
agent being evaluated as an aid in the differential diagnosis
of Alzheimer’s disease. Cerveau is focused on enhancing access to
key technologies to advance and improve brain health. Cerveau will
act as a designated party for the rights resulting from the
relationship between Navidea and Sinotau.
The non-binding term sheet outlines a potential agreement
between the parties to sublicense NAV4694 to Cerveau in return for
license fees, milestone payments and royalties. The term sheet
includes a standstill provision that halts the litigation initiated
by Sinotau Pharmaceutical Group against Navidea if the parties
execute a definitive agreement within 60 days.
Detailed financial terms of the agreement remain undisclosed
until a definitive agreement is reached.
About NAV4694
NAV4694 is a Fluorine-18 labeled precision radiopharmaceutical
candidate intended for use in Positron Emission Tomography (PET)
imaging and evaluation of patients with signs or symptoms of
cognitive impairment such as Alzheimer’s disease (AD). NAV4694
binds to beta-amyloid deposits in the brain that can then be imaged
in scans. Beta-amyloid plaque pathology is widely used in the
diagnosis of AD. The ability of NAV4694 imaging to display amyloid
plaque pathology may enable earlier identification of AD and
improve monitoring of disease progression and interpretation of
brain scan images. There is an ongoing NAV4694 Phase 2b trial in
Mild Cognitive Impairment and a Phase 3 program for NAV4694 in
AD.
About Cerveau Technologies, Inc.
Cerveau Technologies, Inc. is a partnership between Enigma
Biomedical Group, Inc. and Sinotau Pharmaceutical Group. Cerveau's
vision is to globally develop diagnostics and technology that will
impact patients with neurodegenerative disorders including
Alzheimer's disease. Enigma has recently announced an agreement to
develop a novel Tau tracer with pharmaceutical partners and the
utilization of amyloid imaging biomarkers can be complementary to
the overall management of Neurodegenerative disease.
About Navidea
Navidea 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 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/20160808006118/en/
Navidea BiopharmaceuticalsInvestors & MediaSharon Correia,
978-655-2686Senior Director, Corporate Communications
Navidea Biopharmaceuticals (AMEX:NAVB)
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