Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

Subsequent Events
9 Months Ended
Sep. 30, 2014
Subsequent Events [Abstract]  
Subsequent Event
Subsequent Events

Appointment of Chief Executive Officer: In October 2014, Ricardo J. Gonzalez was appointed Chief Executive Officer of Navidea. In connection with the Board of Directors’ appointment of Mr. Gonzalez as Chief Executive Officer, the Company and Mr. Gonzalez have entered into a three-year employment agreement (the Employment Agreement). The Employment Agreement provides for an initial annual base salary of $375,000 and a potential performance bonus of up to 50% of the base salary as well as severance and other standard employment benefits. As an inducement for Mr. Gonzalez to join the Company and as additional compensation, the Board of Directors awarded him options to purchase 1,000,000 shares of the Company’s common stock at an exercise price of $1.26 per share (the Option Agreement). These options vest over a three-year period, subject to certain service and market conditions as defined in the Option Agreement.

Notice of Refund of FDA Filing Fee: During the third quarter of 2014, the FDA granted Orphan Drug Designation for use of Lymphoseek in sentinel lymph node detection in patients with cancer of the head and neck. This designation provides for a seven-year market exclusivity period in this indication as well as certain incentives, including federal grants, tax credits and a waiver of Prescription Drug User Fee Act (PDUFA) filing fees. In October 2014, Navidea was notified that the FDA will refund the previously paid PDUFA filing fees of approximately $1.1 million during the fourth quarter of 2014.