Therapy Areas: Autoimmune
Navidea Biopharmaceuticals Prices USD 6m Public Offering of Common Stock
18 June 2019 - - US-based biopharmaceutical company Navidea Biopharmaceuticals, Inc. (NYSE American: NAVB) has priced underwritten public offering of 8m shares of common stock at a price to the public of USD 0.75 per share, the company said.
Navidea has also granted the underwriter a 30-day option to purchase up to an additional 1.2m shares of common stock at the public offering price, less underwriting discounts and commissions.
The offering is expected to close on or about June 18, 2019, subject to customary closing conditions.
H.C. Wainwright and Co. is acting as sole underwriter for the offering.
The gross proceeds of the offering are expected to be USD 6m (or USD 6.9m if the underwriter exercises in full its option to purchase additional shares of common stock), prior to deducting underwriting discounts and commissions and other estimated offering expenses.
Navidea plans to use the net proceeds from the offering to fund its research and development programmes, 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.
Navidea Biopharmaceuticals is a biopharmaceutical company focused on the development of precision immunodiagnostic agents and immunotherapeutics.
The company 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 commercialisation efforts.
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