Annual report pursuant to Section 13 and 15(d)

Subsequent Events

v2.4.0.6
Subsequent Events
 12 Months Ended
Dec. 31, 2012
Subsequent Events [Abstract]  
Subsequent Events
  20. Subsequent Events

 

  a. FDA Approval of Lymphoseek: On March 13, 2013, the Company received FDA approval to market Lymphoseek. As a result of the Lymphoseek approval, 510,000 shares of restricted stock vested with an aggregate fair value of $1.6 million. The approval of Lymphoseek also made an additional $20 million available to the Company under the credit facility with Montaur.

 

  b. Public Offering of Common Stock: In January 2013, Navidea entered into an underwriting agreement with Ladenburg Thalmann & Co. Inc., related to a public offering of 1,542,389 shares of the Company's common stock at a price of $3.10 per share less underwriting discounts and commissions (the Offering). The Offering closed in February 2013, following the satisfaction of customary closing conditions. The net proceeds to the Company were approximately $4.4 million after deducting expenses associated with the Offering. The Company will use the net proceeds from the offering to fund the clinical development and launch of its current drug products, to fund other potential product pipeline opportunities, and for general corporate purposes. The Offering was made pursuant to the Company's existing effective shelf registration statement on Form S-3.

 

  c. Warrant Exercise: In March 2013, Montaur exercised 3,000,000 of the Series X warrants in exchange for issuance of 3,000,000 shares of our common stock, resulting in gross proceeds of $1,380,000.