Biopharmaceutical company Navidea Biopharmaceuticals Inc (NYSE American:NAVB) reported on Tuesday the completion of its public offering of 8,000,000 common stock.

Under the public offering, the company issued 8,000,000 common stock at a price of USD0.75 per share for aggregate gross proceeds of approximately USD6.0m, before deducting the underwriting discounts, commissions and offering expenses.

Of the total shares in the public offering, about 4,000,000 shares were placed with the company's principal stockholder John Kim Scott, Jr. at the same per share purchase price.

Net proceeds from the offering may be used by the company to fund its research and development programmes, continuing to advance its Phase 2b and Phase 3 clinical trials of Tc99m tilmanocept in patients with rheumatoid arthritis, general working capital purposes as well as other operating expenses.

The company added that H.C. Wainwright & Co acted as sole book-running manager for the offering.