18 June 2019 - - US-based Navidea Biopharmaceuticals, Inc. (NYSE American: NAVB), a company focused on the development of precision immunodiagnostic agents and immunotherapeutics, plans to offer and sell shares of its common stock in an underwritten public offering, the company said.
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 and Co. is acting 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 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.