Therapy Areas: Autoimmune
Navidea Biopharmaceuticals Raises USD 6m from Public Offering of Common Stock
24 June 2019 - - US-based immunodiagnostic agents and immunotherapeutics developer Navidea Biopharmaceuticals, Inc. (NYSE American: NAVB) has closed an underwritten public offering of 8m shares of its common stock, at a price to the public of USD 0.75 per share, the company said.
Of the total shares sold in the offering, 4m shares were placed with John Kim Scott, Jr., a principal stockholder in the company, who agreed to purchase such shares at a purchase price of USD 0.75 per share.
The aggregate gross proceeds from the offering, before deducting the underwriting discounts, commissions, and offering expenses, were approximately USD 6m.
H.C. Wainwright and Co. acted as sole book-running manager for the offering.
Navidea plans 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.
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 commercialised by Navidea based on the platform. 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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