The Company has been engaged in litigation with Platinum-Montaur Life Sciences LLC (“Platinum-Montaur”), an affiliate of Platinum Management (NY) LLC, Platinum Partners Value Arbitrage Fund L.P., Platinum Partners Capital Opportunity Fund, Platinum Partners Liquid Opportunity Master Fund L.P., Platinum Liquid Opportunity Management (NY) LLC, and Montsant Partners LLC (collectively, “Platinum”), in which Platinum-Montaur was seeking damages of approximately million plus interest.  See Notes and

 

In addition, the Company is engaged in ongoing litigation with our former President and Chief Executive Officer, Dr. Michael Goldberg. See Notes and

 

The Company has also been engaged in ongoing litigation with Capital Royalty Partners II L.P. (“CRG”) and pursuing recovery of approximately million and other damages. On the Court of Common Pleas of Franklin County, Ohio (the “Ohio Court”) entered a judgment in the amount of million to Navidea, plus statutory interest from the “Judgment”).  See Notes and

 

In the Company executed a binding term sheet to sell the Judgment for million of proceeds to Navidea. The Company has the option, within days of the sale, to repurchase the Judgment for a premium. Such repurchase option be in the form of the Company’s Common Stock at a discount to the then-current market price.

 

In the Company completed an underwritten public offering of shares (the “Shares”) of our Common Stock pursuant to the Underwriting Agreement at a price to the public of per share.  Of the total Shares, shares were placed with existing investor John K. Scott, Jr. at a price of per share. Pursuant to the Underwriting Agreement, the Underwriter purchased the remaining Shares from the Company at a price of per share.  After underwriting discounts, commissions, fees and expenses paid to the Underwriter, the Company received net proceeds from the offering of  

 

In the Company executed a Stock Purchase Agreement with the investors named therein. Pursuant to the Stock Purchase Agreement, the investors agreed to purchase approximately million shares of the Company’s Common Stock in a private placement for aggregate gross proceeds to the Company of approximately million. Of this amount, approximately million was received during resulting in approximately of stock subscriptions receivable as of The remaining of proceeds were received and the related Common Stock was issued in

 

In the Company executed agreements with existing investors to purchase approximately million shares of the Company’s Common Stock for aggregate gross proceeds to Navidea of approximately million.

 

Navidea intends to use the net proceeds from these transactions to fund its research and development programs, including continued advancement of its Phase and Phase clinical trials of tilmanocept in patients with rheumatoid arthritis, and for general working capital purposes and other operating expenses. See Notes and

 

The Company has experienced recurring net losses and has used significant cash to fund its operations. The Company has considerable discretion over the extent of development project expenditures and has the ability to curtail the related cash flows as needed. The and transactions described above provided approximately million of additional working capital. The Company also has funds remaining under outstanding grant awards, and continues working to establish new sources of funding, including collaborations, potential equity investments, and additional grant funding that can augment the balance sheet. However, based on our current working capital and our projected cash burn, and without definitive agreements in place for additional funding, management believes that there is substantial doubt about the Company’s ability to continue as a going concern for at least months following the filing of this Annual Report on Form -K.