Navidea Biopharmaceuticals Announces $5 Million Private Placement with Existing Investor
March 02 2021 - 7:30AM
Business Wire
Navidea Biopharmaceuticals, Inc. (NYSE American: NAVB)
(“Navidea” or the “Company”), a company focused on the development
of precision immunodiagnostic agents and immunotherapeutics, is
pleased to announce that it has executed an agreement with the
Company’s largest shareholder, John K. Scott, Jr., to purchase $5
million of newly-designated Series E Redeemable Convertible
Preferred Stock. Over the next 18 months, the Series E Preferred
can be converted into approximately 2.17 million shares of
Navidea’s common stock.
“We are pleased to receive continued support from our largest
shareholder. Today’s financing provides additional strength to our
balance sheet and will allow our company to accelerate potential
value-accretive investments, including our therapeutics pipeline,”
commented Jed Latkin, Chief Executive Officer of Navidea. “We look
forward to providing additional updates on the progress of our
ongoing studies across our portfolio on our earnings call later
this month.”
John K. Scott, Jr. commented, “I am pleased to be given the
opportunity to continue to support Navidea as it moves some of its
key assets into the next phase of development. As a stockholder in
Navidea since December 2003, I believe in the Company’s drug
candidates and the positive contributions they can make to
individuals and the scientific community.”
The securities offered and to be sold by Navidea in the private
placement to Mr. Scott have not been registered under the
Securities Act of 1933 (the “Securities Act”), as amended, or state
securities laws and may not be offered or sold in the United States
absent registration with the Securities and Exchange Commission
(the “SEC”) or an applicable exemption from registration
requirements. Navidea has agreed to file a registration statement
with the SEC covering the resale of the shares of common stock to
be issued to Mr. Scott.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any of Navidea's securities. No
offer, solicitation or sale will be made in any state or other
jurisdiction in which such offering, solicitation or sale would be
unlawful.
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: market and other
conditions, our history of operating losses and uncertainty of
future profitability; 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, except as required by law. 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/20210302005611/en/
Navidea Biopharmaceuticals, Inc. Jed Latkin Chief Executive
Officer 614-973-7490 jlatkin@navidea.com
Joel Kaufman Chief Business Officer 614-822-2372
jkaufman@navidea.com
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