DUBLIN, Ohio–(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 the
pricing of its previously announced underwritten public offering of
8,000,000 shares of common stock at a price to the public of $0.75 per
share. Navidea has also granted the underwriter a 30-day option to
purchase up to an additional 1,200,000 shares of common stock at the
public offering price, less underwriting discounts and commissions. The
offering is expected to close on or about June 18, 2019, subject to
customary closing conditions.
H.C. Wainwright & Co. is acting as sole underwriter for the offering.
The gross proceeds of the offering are expected to be $6.0 million (or
$6.9 million if the underwriter exercises in full its option to purchase
additional shares of common stock), prior to deducting underwriting
discounts and commissions and other estimated offering expenses. Navidea
intends to use the net proceeds from the offering to fund its research
and development programs, including continuing to advance its Phase 2b
and Phase 3 clinical trials of Tc99m tilmanocept in patients with
rheumatoid arthritis, and for general working capital purposes and other
operating expenses.
A registration statement on Form S-3 was filed by Navidea with the U.S.
Securities and Exchange Commission (“SEC”) and was declared effective by
the SEC on December 27, 2017. A preliminary prospectus supplement and an
accompanying prospectus relating to and describing the terms of the
offering and the shares of common stock being offered was filed with the
SEC on June 13, 2019, and is available on the SEC’s website at http://www.sec.gov.
Copies of the final prospectus supplement and the accompanying
prospectus relating to the offering may be obtained, when available,
from H.C. Wainwright & Co., LLC, 430 Park Avenue, 3rd Floor, New York,
NY 10022, or by calling (646) 975-6996 or by emailing [email protected],
or at the SEC’s website at http://www.sec.gov.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities of the Company, nor shall
there be any sale of Navidea’s common stock in any state or other
jurisdiction in which such an 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 Tc99m 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 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 for the use of proceeds received
from the offering. These forward-looking statements are subject to a
number of risks, uncertainties and assumptions, including, among other
things: market and other conditions, the satisfaction of customary
closing conditions related to the public offering and the impact of
general economic, industry or political conditions in the United States
or internationally, any future actions by Platinum-Montaur; general
economic and business conditions, both nationally and in our markets;
our history of 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; 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;
our ability to comply with the NYSE American continued listing
standards; our ability to maintain effective internal control over
financial reporting; 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.
Contacts
Navidea Biopharmaceuticals, Inc.
Jed Latkin, CEO, 614-973-7490
[email protected]
