Navidea Signs Letter of Intent to Sublicense NAV4694 Worldwide Development Rights
October 27 2017 - 8:55AM
Business Wire
Execution of Agreement to Provide Cerveau with
Worldwide Development Rights and Commercial Rights in Key Global
Markets to Alzhiemer’s Diagnostic, NAV4694
Navidea Biopharmaceuticals, Inc. (NYSE MKT: NAVB), a company
focused on the development of precision immunodiagnostic agents and
immunotherapeutics, today announced the execution of a non-binding
letter of intent with Cerveau Technologies, Inc. (Cerveau)
sublicensing the worldwide rights to conduct research using
NAV4694, a beta-amyloid imaging agent being evaluated as an
aid in the differential diagnosis of early-onset Alzheimer’s
disease, as well as an exclusive license for the development and
commercialization of NAV4694 in Australia, Canada, China, and
Singapore. Cerveau is focused on enhancing access to key
technologies to advance and improve brain health. Cerveau, and/or
their fully controlled subsidiary, will act as a designated party
for the rights resulting from the relationship between Navidea and
Beijing Sinotau Medical Research Co., Ltd. (Sinotau), a subsidiary
of Sinotau Pharmaceutical Group.
The non-binding term sheet outlines a potential agreement
between the parties to sublicense NAV4694 to Cerveau in return for
negotiated consideration. The letter of intent includes a provision
that will lead to the dismissal of the litigation without prejudice
initiated by Sinotau against Navidea if Navidea and Cerveau execute
a definitive agreement.
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, via Cerveau Technologies, 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 of precision
immunodiagnostic agents and immunotherapeutics. Navidea is
developing multiple precision-targeted products based on its
Manocept™ platform to enhance patient care by identifying the
sites and pathways of disease and enable better diagnostic
accuracy, clinical decision-making, and targeted treatment.
Navidea’s Manocept platform is predicated on the ability to
specifically target the CD206 mannose receptor expressed on
activated macrophages. The Manocept platform serves as the
molecular backbone of Tc 99m tilmanocept, the first product
developed and commercialized by Navidea based on the platform. The
development activities of the Manocept immunotherapeutic platform
are being conducted by Navidea in conjunction with its subsidiary,
Macrophage Therapeutics, Inc. 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20171027005405/en/
Navidea Biopharmaceuticals, Inc.Jed Latkin, CFO/COO,
614-551-3416jlatkin@navidea.comorEdison AdvisorsTirth Patel,
646-653-7035tpatel@edisongroup.com
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