Navidea Biopharmaceuticals Inc. Navidea or the Company, a company focused on the development of precision immunodiagnostic agents and immunotherapeutics, today announced the execution of a letter of intent to sell the Cardinal Milestone Payment for $8 million, as well as the execution of a new $2.75 million Equity Line of Credit, led by a longtime Navidea investor, to provide significant funding for the Company’s Phase IIb
The Company’s innovative capital offering will give up to $10.75 million in funding for the Company’s current Phase IIb and Phase III trials, propelling the organization ahead.
The Company has agreed to sell the Cardinal Milestone Payment for $8 million, subject to final documentation execution, after working closely with its valued partner and longtime investor.
This sale will provide the Company with immediate capital as well as access to up to $2.75 million via an Equity Line of Credit. This potent mix of financing access enables the Company to extend its clinical trial base, hence increasing shareholder value.
Navidea Biopharmaceuticals, Inc. is a biopharmaceutical firm specializing in the development of precision immunodiagnostic and immunotherapeutic medicines.
Navidea is developing a number of precision-targeted solutions based on its Manocept platform to improve patient care by identifying disease locations and pathways, enabling higher diagnostic accuracy, clinical decision-making, and targeted treatment.
The Manocept platform from Navidea is built around the capacity to directly target the CD206 mannose receptor expressed on active macrophages. The Manocept platform serves as the molecular foundation for Tc99m tilmanocept, Navidea’s first product developed and commercialized on the technology.
The aim of Navidea is to achieve superior growth and shareholder return by bringing unique products to market and advancing the Company’s pipeline through worldwide partnering and commercialization initiatives.
