Annual report pursuant to Section 13 and 15(d)

Note 3 - Discontinued Operations

v3.20.1
Note 3 - Discontinued Operations
12 Months Ended
Dec. 31, 2019
Notes to Financial Statements  
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]
3.
Discontinued Operations
 
In
March 2017,
Navidea completed the Asset Sale to Cardinal Health
414.
On
April 2, 2018,
the Company entered into an Amendment to the Purchase Agreement (the “Amendment”). Pursuant to the Amendment, Cardinal Health
414
paid the Company approximately
$6.0
million and agreed to pay the Company an amount equal to the unused portion of the letter of credit in favor of CRG (
not
to exceed approximately
$7.1
 million) promptly after the earlier of (i) the expiration of the letter of credit and (ii) the receipt by Cardinal Health
414
of evidence of the return and cancellation of the letter of credit. In exchange, the obligation of Cardinal Health
414
to make any further contingent payments has been eliminated. Cardinal Health
414
is still obligated to make the milestone payments in accordance with the terms of the earnout provisions of the Purchase Agreement. On
April 9, 2018,
CRG drew approximately
$7.1
million on the letter of credit.