Navidea Biopharmaceuticals, Inc. announces special meeting of stockholders to be held July 8, 2024
June 20 2024 - 6:02PM
Business Wire
Navidea Biopharmaceucitals, Inc. will present two proposals for
vote in a virtual special meeting of shareholders to be held on
July 8, 2024
Navidea Biopharmaceuticals, Inc. (OTC: NAVB) (“Navidea” or the
“Company”), a company focused on the development of precision
immunodiagnostic agents and immunotherapeutics, today announced it
will be hosting a virtual meeting of its stockholders at 1pm ET on
Monday, July 8th, 2024.
The purpose of the special meeting is to consider and vote upon
(i) an amendment to the Company’s certificate of incorporation to
allow stockholders to act by written consent, and (ii) an amendment
to the Company’s certificate of incorporation to implement a
reverse stock split of the Company’s common stock at a ratio of up
to 1-for-50,000 shares. The decision of whether to complete a
reverse stock split and the ratio at which it would be completed
will be determined at the discretion of the Company’s Board of
Directors.
"As we continue to pursue strategic partnerships or other
opportunities to fund the Company’s ongoing clinical trial
activities in Rheumatoid Arthritis, the option of a written consent
will allow the Company to act in a timely manner,” said Craig A.
Dais, Navidea’s Chief Financial Officer. “In addition, as a measure
to reduce costs and extend our cash runway, we want ensure the
number of record holders of the Company’s common stock is below the
SEC threshold, to avoid public reporting requirements.” The reverse
stock split, if implemented, would result in lowering the number of
record holders.
Changes to the Board of Directors
Board of Directors, Dana J. Moss, Jill Bieker Stefanelli, and
Joshua Wilson resigned their positions on the Company’s board of
directors effective May 7, 2024. Related to this change, Navidea
and G2G Ventures, LLC (“G2G Ventures”), for whom Mr. Wilson is the
Executive Director, terminated G2G Venture’s Executive Consulting
agreement with the Company.
"We are extremely grateful for the contributions of these three
directors over the last several months,” John K. Scott, Jr,
Navidea’s Vice Chair of the Board. “We are also fortunate to have
had the executive leadership of Dr. Jason Myers and his team at G2G
Ventures for the last year. Going forward, we feel we are well
positioned with our remaining management team, a total of eight
employees, to continue to move the Company forward.”
About Navidea
Navidea Biopharmaceuticals, Inc. (OTC: 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, 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 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.
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Investor Relations Contact Navidea Biopharmaceuticals,
Inc. Craig A. Dais, Chief Financial Officer cdais@navidea.com
(614)-822-2322