Biopharmaceutical company Navidea Biopharmaceuticals Inc (NYSE American:NAVB) reported on Monday the completion of USD3m private placement under a definitive securities purchase agreement with an existing investor, John K. Scott, Jr.
In the private placement, Scott received 18,320,610 shares of the company's common stock, par value USD0.001 per share.
The securities to be issued to Scott represent 10% of the company's outstanding common stock. The securities are subject to a 180-day lock-up with no registration rights.
Proceeds from the private placement may be used by the company for general working capital, research and development expenses, as well as other operating expenses.
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