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Navidea Biopharmaceuticals Announces Changes to Board of Directors Composition

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Navidea Biopharmaceuticals (NYSE American: NAVB) announced the retirement of Michael Rice and Adam Cutler from its Board of Directors. Dr. Kathy Rouan has been appointed as the new Chair of the Board, with Amit Bhalla joining as a new board member. Bhalla brings extensive experience from his role as CFO at Infinity BiologiX and prior leadership positions in various healthcare firms. CEO Jed Latkin expressed gratitude for the departing members and excitement for Bhalla's contribution to the company, highlighting his diverse financial and operational background.

Positive
  • Appointment of Amit Bhalla is expected to bring valuable perspectives and expertise to the Board.
  • Dr. Kathy Rouan's new leadership role may strengthen governance.
Negative
  • The retirement of experienced board members may lead to continuity concerns.

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 Michael Rice, the Company’s Chair of the Board, and Adam Cutler have retired from their positions on Navidea’s Board of Directors to focus on other endeavors. Dr. Kathy Rouan has been appointed as Chair of the Board following Mr. Rice’s retirement.

Additionally, Amit Bhalla has been appointed to Navidea’s Board of Directors. Mr. Bhalla currently serves as the Chief Financial Officer of Infinity BiologiX. Prior to his current role he served as a Senior Healthcare Analyst at Lord, Abbett & Co. LLC and has held senior leadership positions at multiple Financial and Healthcare firms including Beckton Dickinson, Johnson & Johnson, Citigroup, and Morgan Stanley. Mr. Bhalla received his MBA from the Tepper School of Business and his undergraduate degree at Cornell University.

Jed Latkin, Navidea’s CEO said, “We thank both Michael and Adam for their service on the Board and the valuable insights they have provided over the years. We are excited about the addition of Amit Bhalla to the Board. His diverse background in financial services and operational roles at world class healthcare corporations will provide unique perspectives.”

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 uncertainty of future profitability; 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.

FAQ

Who are the new board members of Navidea Biopharmaceuticals?

Amit Bhalla has been appointed to the Board, while Dr. Kathy Rouan becomes the new Chair.

What positions did Michael Rice and Adam Cutler hold at Navidea?

Michael Rice served as Chair of the Board and Adam Cutler was also a board member.

What experience does Amit Bhalla bring to Navidea's Board?

Amit Bhalla has extensive experience as CFO of Infinity BiologiX and held senior roles at multiple healthcare and financial firms.

What impact could the board changes have on Navidea?

The changes may provide fresh perspectives, though the loss of experienced board members raises concerns over continuity.

NAVIDEA BIOPHARMS INC

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