January 2017,

’s President and CEO, exercised of his Series LL warrants in exchange for shares of our common stock, resulting in proceeds to the Company of

March 2017,

the Company granted to each of Cardinal Health and UCSD, a -year warrant to purchase up to million shares and million shares, respectively, of the Company’s common stock at an exercise price of per share, each of which warrant is subject to anti-dilution and other customary terms and conditions (the “Series NN warrants”). The fair value of the Series NN warrants was calculated using the Black-Scholes model using our -year historical weekly volatility of and a risk-free rate equal to the -year treasury constant maturity rate of The Series NN warrants granted to Cardinal Health had an estimated fair value of million, which was recorded as a reduction of the gain on sale in the consolidated statement of operations for the -month period ended The Series NN warrants granted to UCSD had an estimated fair value of which was recorded as an intangible asset related to the UCSD license in the consolidated balance sheet during the -month period ended

there are million warrants outstanding to purchase Navidea's common stock. The warrants are exercisable at prices ranging from to per share with a weighted average exercise price of per share. The warrants have remaining outstanding terms ranging from to years.

there are warrants outstanding to purchase MT Common Stock. The warrants are exercisable at per share.