Navidea Biopharmaceuticals Terminates Stock Purchase Agreement
December 15 2021 - 4:01PM
Business Wire
Navidea Biopharmaceuticals, Inc. (NYSE American: NAVB)
(“Navidea” or the “Company”), a company focused on the development
of precision immunodiagnostic agents and immunotherapeutics, today
announced that it has terminated the Stock Purchase Agreement that
was executed on August 30, 2020.
On August 30, 2020, the Company entered into a Stock Purchase
Agreement with each of the investors named therein (the
“Investors”), pursuant to which the Investors agreed to purchase
from the Company up to $25.0 million in shares of the Company’s
common stock, par value $0.001 per share (“Common Stock”). The
initial closings of the sale and purchase of the Common Stock
(collectively, the “Initial Closing”) were to occur within
forty-five (45) business days after the date on which the Company’s
application to the NYSE American for the listing of the Common
Shares for trading thereon was approved by the NYSE American. The
Investors agreed to purchase an aggregate of 1,000,000 shares of
Common Stock at the Initial Closing at a purchase price of $5.00
per share. To date, we have received only $25,000 of the $5.0
million that was due at the Initial Closing. On December 14, 2021,
the Company notified the Investors that it was terminating the
Stock Purchase Agreement in accordance with its terms.
About Navidea
Navidea Biopharmaceuticals, Inc. (NYSE American: 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 Tc99m tilmanocept, the first product developed and
commercialized by Navidea based on the platform. 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.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. We have based these forward-looking statements largely on
our current expectations and projections about future events and
financial trends affecting the financial condition of our business.
Forward-looking statements include our expectations regarding
pending litigation and other matters. These forward-looking
statements are subject to a number of risks, uncertainties and
assumptions, including, among other things: our history of
operating losses and uncertainty of future profitability; the fact
that the valuation by LifeSci Partners of our Tc99m tilmanocept
pipeline product is subject to and based on numerous assumptions
about the commercial success of the product, expected associated
costs, and the outcome of various risks, including the outcome of
clinical trials, that could affect the timetable for revenues,
among other assumptions, that actual outcomes are likely to vary
from such assumptions, resulting in variations from the possible
results set forth in the valuation report; the final outcome of any
pending litigation; our ability to successfully complete research
and further development of our drug candidates; the timing, cost
and uncertainty of obtaining regulatory approvals of our drug
candidates; our ability to successfully commercialize our drug
candidates; dependence on royalties and grant revenue; our ability
to implement our growth strategy; anticipated trends in our
business; our limited product line and distribution channels;
advances in technologies and development of new competitive
products; our ability to comply with the NYSE American continued
listing standards; our ability to maintain effective internal
control over financial reporting; the impact of the current
coronavirus pandemic; and other risk factors detailed in our most
recent Annual Report on Form 10-K and other SEC filings. You are
urged to carefully review and consider the disclosures found in our
SEC filings, which are available at http://www.sec.gov or at
http://ir.navidea.com.
Investors are urged to consider statements that include the
words “will,” “may,” “could,” “should,” “plan,” “continue,”
“designed,” “goal,” “forecast,” “future,” “believe,” “intend,”
“expect,” “anticipate,” “estimate,” “project,” and similar
expressions, as well as the negatives of those words or other
comparable words, to be uncertain forward-looking statements.
You are cautioned not to place undue reliance on any
forward-looking statements, any of which could turn out to be
incorrect. We undertake no obligation to update publicly or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise after the date of this
report. In light of these risks and uncertainties, the
forward-looking events and circumstances discussed in this report
may not occur and actual results could differ materially from those
anticipated or implied in the forward-looking statements.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211215006017/en/
Investor Relations Contact Navidea Biopharmaceuticals,
Inc. Jeffrey Smith Vice President of Operations 614-822-2365
jsmith@navidea.com
Navidea Biopharmaceuticals (AMEX:NAVB)
Historical Stock Chart
From Mar 2024 to Apr 2024
Navidea Biopharmaceuticals (AMEX:NAVB)
Historical Stock Chart
From Apr 2023 to Apr 2024