DUBLIN, Ohio--(BUSINESS WIRE)-- Navidea Biopharmaceuticals Inc. (NYSE American: NAVB) (“Navidea” or the “Company”), a company focused on the development of precision immunodiagnostic agents and immunotherapeutics, today announced that it intends to offer and sell shares of its common stock in an underwritten public offering. Navidea also expects to grant the underwriter a 30-day option to purchase up to an additional 15% of the number of shares of common stock to be sold in the offering at the public offering price, less underwriting discounts and commissions in such underwritten offering. The proposed offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.
H.C. Wainwright & Co. is acting as sole book-running manager for the offering.
Navidea intends to use the net proceeds from the offering to fund its research and development programs, including continuing to advance its Phase 2b and Phase 3 clinical trials of Tc99m tilmanocept in patients with rheumatoid arthritis, and for general working capital purposes and other operating expenses.
A shelf registration statement on Form S-3 relating to the underwritten public offering of the shares of common stock described above was filed by Navidea with the U.S. Securities and Exchange Commission (“SEC”) and was declared effective by the SEC on December 27, 2017. A preliminary prospectus supplement and an accompanying prospectus relating to and describing the terms of the offering and the shares of common stock being offered will be filed with the SEC and will be available on the SEC’s website.
Before buying any shares of Navidea’s common stock in the underwritten public offering, you should carefully read the preliminary prospectus supplement and the accompanying prospectus to be filed with the SEC with respect to such offering, together with the information incorporated by reference therein, which will provide more information about the Company and the offering. These documents contain important information that you should consider when making your investment decision. Navidea’s SEC filings are available to the public from the SEC’s website.
About Navidea
Navidea Biopharmaceuticals, Inc. (NYSE American: NAVB) is a biopharmaceutical company focused on the development of precision immunodiagnostic agents and immunotherapeutics. Navidea is developing multiple precision-targeted products based on its Manocept™ platform to enhance patient care by identifying the sites and pathways of disease and enable better diagnostic accuracy, clinical decision-making, and targeted treatment. Navidea’s Manocept platform is predicated on the ability to specifically target the CD206 mannose receptor expressed on activated macrophages. The Manocept platform serves as the molecular backbone of Tc99m tilmanocept, the first product developed and commercialized by Navidea based on the platform. The development activities of the Manocept immunotherapeutic platform are being conducted by Navidea in conjunction with its subsidiary, Macrophage Therapeutics, Inc. Navidea’s strategy is to deliver superior growth and shareholder return by bringing to market novel products and advancing the Company’s pipeline through global partnering and commercialization efforts.
