Navidea Biopharmaceuticals Announces Additional Bridge Loan Funding

Rhea-AI Summary

Navidea Biopharmaceuticals (NYSE American: NAVB) announced on July 1, 2022, that its largest shareholder, John K. Scott, Jr., provided an additional $1.0 million funding via a secured bridge loan executed on April 10, 2022. Dr. Michael Rosol, Chief Medical Officer, expressed enthusiasm for the continued funding to support Phase 3 and R&D efforts. Navidea focuses on precision immunodiagnostic agents and immunotherapeutics, utilizing its Manocept™ platform to improve diagnostic accuracy and treatment targeting.

Positive

• John K. Scott, Jr. provided an additional $1.0 million funding to support R&D.
• Funding is aimed at advancing Phase 3 clinical efforts.

Negative

• Company faced a history of operating losses.
• Uncertainty regarding regulatory approvals for drug candidates.
• Dependence on additional financing for ongoing operations.

DUBLIN, Ohio--(BUSINESS WIRE)-- Navidea Biopharmaceuticals, Inc. (NYSE American: NAVB) (“Navidea” or the “Company”), a company focused on the development of precision immunodiagnostic agents and immunotherapeutics, today announced that on July 1, 2022, its largest shareholder and Vice Chair of the Board of Directors, John K. Scott, Jr., funded an additional $1.0 million under the secured bridge loan that was executed on April 10, 2022.

Dr. Michael Rosol, Chief Medical Officer for Navidea, said, “We are delighted to have the continued funding in place from Mr. Scott to keep our Phase 3 and R&D efforts moving forward.”

About Navidea

Navidea Biopharmaceuticals, Inc. (NYSE American: NAVB) is a biopharmaceutical company focused on the development of precision immunodiagnostic agents and immunotherapeutics. 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. 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 commercialization efforts. For more information, please visit www.navidea.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends affecting the financial condition of our business. Forward-looking statements include our expectations regarding pending litigation and other matters. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including, among other things: our history of operating losses and ability to obtain additional financing; our ability to continue as a going concern; the final outcome of any pending litigation; our ability to successfully complete research and further development of our drug candidates; the timing, cost and uncertainty of obtaining regulatory approvals of our drug candidates; our ability to successfully commercialize our drug candidates; dependence on royalties and grant revenue; our ability to implement our growth strategy; anticipated trends in our business; our limited product line and distribution channels; advances in technologies and development of new competitive products; our ability to comply with the NYSE American continued listing standards; our ability to maintain effective internal control over financial reporting; the impact of the current coronavirus pandemic; and other risk factors detailed in our most recent Annual Report on Form 10-K and other SEC filings. You are urged to carefully review and consider the disclosures found in our SEC filings, which are available at http://www.sec.gov or at http://ir.navidea.com.

Investors are urged to consider statements that include the words “will,” “may,” “could,” “should,” “plan,” “continue,” “designed,” “goal,” “forecast,” “future,” “believe,” “intend,” “expect,” “anticipate,” “estimate,” “project,” and similar expressions, as well as the negatives of those words or other comparable words, to be uncertain forward-looking statements.

You are cautioned not to place undue reliance on any forward-looking statements, any of which could turn out to be incorrect. We undertake no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise after the date of this report. In light of these risks and uncertainties, the forward-looking events and circumstances discussed in this report may not occur and actual results could differ materially from those anticipated or implied in the forward-looking statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220705005312/en/

Investor Relations Contact

Navidea Biopharmaceuticals, Inc.

Jeffrey Smith

Vice President of Operations

614-822-2365

jsmith@navidea.com

Source: Navidea Biopharmaceuticals, Inc.

FAQ

What recent funding announcement did Navidea Biopharmaceuticals make regarding NAVB?

Navidea announced an additional $1.0 million funding from its largest shareholder, John K. Scott, Jr., on July 1, 2022.

How will the $1.0 million funding impact Navidea's operations?

The funding will support Navidea's Phase 3 clinical efforts and R&D initiatives.

What challenges does Navidea Biopharmaceuticals face according to their latest press release?

Navidea faces challenges such as a history of operating losses and uncertainties around regulatory approvals.

Who is the Vice Chair at Navidea Biopharmaceuticals that provided the recent funding?

The Vice Chair providing the funding is John K. Scott, Jr.

What is the focus of Navidea Biopharmaceuticals' research and development efforts?

Navidea focuses on developing precision immunodiagnostic agents and immunotherapeutics.