DUBLIN, Ohio--(BUSINESS WIRE)--Jan. 30, 2013--
Navidea Biopharmaceuticals, Inc. (NYSE MKT: NAVB), a biopharmaceutical
company focused on precision diagnostic radiopharmaceuticals, announced
today that it has priced an underwritten sale of common stock in a
transaction led by J.P. Morgan Asset Management and involving one other
institutional investor. In the offering 1,542,389 shares were sold in an
at market transaction at a price of $3.10 per share for gross proceeds
of approximately $4.8 million. The net proceeds of the financing will be
used to fund Navidea’s ongoing operations. The sale is expected to close
on or about February 4, 2013, subject to the satisfaction of customary
closing conditions.
“We are excited that J.P. Morgan Asset Management and another
institution, premier investors in the biotechnology sector, have decided
to establish meaningful positions in Navidea,” said Dr. Mark Pykett,
President and CEO of Navidea. “Through our efforts to build
relationships with potential institutional investors and catalyze
interest in Navidea, we were presented with this targeted opportunity to
expand our institutional base with outstanding investors. We are pleased
to be able to capitalize on this opportunity to strengthen our
shareholder base as we look forward to the approval of our first
commercial radiopharmaceutical agent, Lymphoseek.”
Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann
Financial Services Inc. (NYSE MKT: LTS), acted as the exclusive
underwriter in connection with the offering. The shares described above
are being offered pursuant to a shelf registration statement (File No.
333-173752) which was declared effective by the U.S. Securities and
Exchange Commission (SEC) on May 9, 2011. A prospectus supplement
related to the offering will be filed with the SEC. When filed with the
SEC, copies of the prospectus supplement and the accompanying base
prospectus relating to this offering may be obtained at the SEC's
website at http://www.sec.gov
or by contacting Ladenburg Thalmann & Co. Inc., 58 South Service Road,
Suite 160, Melville, NY, Attention: George Mangione, (631) 270-1611 or GMangione@ladenburg.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of, the
shares in any state or other jurisdiction which such offer, solicitation
or sale would be unlawful prior to the registration or qualification
under the securities laws of any such state or other jurisdiction.
About Navidea
Navidea Biopharmaceuticals, Inc. (NYSE MKT: NAVB) is a biopharmaceutical
company focused on the development and commercialization of precision
diagnostics and radiopharmaceutical agents. Navidea is actively
developing four radiopharmaceutical agent platforms – Lymphoseek®,
NAV4694, NAV5001 and RIGScanTM – to help identify the sites
and pathways of undetected disease and enable better diagnostic
accuracy, clinical decision-making and, ultimately, patient care.
Navidea’s strategy is to deliver superior growth and shareholder return
by bringing to market novel radiopharmaceutical agents and advancing the
Company’s pipeline through selective acquisitions, global partnering and
commercialization efforts. For more information, please visit www.navidea.com.
The Private Securities Litigation Reform Act of 1995 (the Act)
provides a safe harbor for forward-looking statements made by or on
behalf of the Company. Statements in this news release, which relate to
other than strictly historical facts, such as statements about the
Company’s plans and strategies, expectations for future financial
performance, new and existing products and technologies, anticipated
clinical and regulatory pathways, the ability to obtain, and timing of,
regulatory approvals of the Company’s products, the timing and
anticipated results of commercialization efforts, and anticipated
markets for the Company’s products, are forward-looking statements
within the meaning of the Act. The words “believe,” “expect,”
“anticipate,” “estimate,” “project,” and similar expressions identify
forward-looking statements that speak only as of the date hereof. Investors
are cautioned that such statements involve risks and uncertainties that
could cause actual results to differ materially from historical or
anticipated results due to many factors including, but not limited to,
the Company’s continuing operating losses, timing, cost and uncertainty
of regulatory approvals for its drug candidates, and market acceptance
of its products, reliance on third party manufacturers, accumulated
deficit, future capital needs, uncertainty of capital funding,
dependence on limited product line and distribution channels,
competition, limited marketing and manufacturing experience, risks of
development of new products, and other risks detailed in the Company’s
most recent Annual Report on Form 10-K and other Securities and Exchange
Commission filings. The Company undertakes no obligation to
publicly update or revise any forward-looking statements.
Source: Navidea Biopharmaceuticals, Inc.
Navidea Biopharmaceuticals, Inc.
Brent Larson,
614-822-2330
Sr. VP & CFO
