Navidea Biopharmaceuticals Announces Closing of a $3 Million Private Placement
September 17 2018 - 5:20PM
Business Wire
Navidea Biopharmaceuticals, Inc. (NYSE American: NAVB)
(“Navidea” or the “Company”), a company focused on the development
of precision immunodiagnostic agents and immunotherapeutics,
announced today closing of a $3 million private placement. The
Company entered into a definitive securities purchase agreement
with an existing investor, John K. Scott, Jr., pursuant to which
the Company received aggregate gross proceeds of $3 million in
exchange for the issuance of 18,320,610 shares of the Company’s
common stock, par value $0.001 per share. The securities to be
issued to Mr. Scott will represent approximately 10% of the
Company’s outstanding common stock after such issuance. The
securities are subject to a 180-day lock-up and there are no
registration rights.
The Company will use the proceeds from the private placement for
general working capital purposes, including, but not limited to,
research and development, and other operating expenses.
"Our family has been a long-term shareholder since 2003 and we
now have confidence in the science, management and the direction of
the company. This is why we have made this investment at this time.
Our intent is to the give the company additional flexibility and
stability,” stated John K. Scott, Jr.
“We are very happy that an existing long-term shareholder
continues to show faith in the potential of Navidea as well as the
future direction of the Company led by a new, streamlined
management team,” commented Mr. Jed A. Latkin, Chief Executive
Officer of Navidea. “The ability to quickly raise $3 million
without having to pay any fees, give any warrants and at a price
near market was an opportunity that the Company could not pass up.
It also gives the Company significant runway to allow for the
planned launch of the confirmatory rheumatoid arthritis study in
the upcoming quarter.”
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy securities, nor shall there be any
sale of these securities in any state or other jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
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 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.
Forward-Looking Statements
This release and any oral statements made with respect to the
information contained in this 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. These forward-looking statements are subject to a
number of risks, uncertainties and assumptions, including, among
other things: general economic and business conditions, both
nationally and in our markets; our history of losses and
uncertainty of future profitability; the final outcome of the CRG
litigation in Texas; 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; our expectations and estimates concerning future
financial performance, financing plans and the impact of
competition; our ability to raise capital sufficient to fund our
development and commercialization programs; our ability to
implement our growth strategy; anticipated trends in our business;
advances in technologies; 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 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20180917005794/en/
Navidea Biopharmaceuticals, Inc.Jed Latkin, CEO,
614-551-3416jlatkin@navidea.comorEdison AdvisorsJoseph
Green, 646-653-7030jgreen@edisongroup.com
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