Navidea Biopharmaceuticals Announces Resignation of Jed A. Latkin

Rhea-AI Summary

Navidea Biopharmaceuticals has announced the resignation of Jed A. Latkin as CEO, CFO, COO, and Board member, effective October 24, 2021. The company is currently forming an Office of the CEO with three Board members, including the Chairman, to lead operations during the interim period while seeking a new CEO with an executive search firm.

This leadership change may impact the direction and strategy of the company, which is focused on developing precision immunodiagnostic agents. Details of Latkin's severance agreement are under discussion.

Positive

• Formation of an interim management team may bring fresh perspectives.
• Use of an executive search firm could lead to a well-suited replacement as CEO.

Negative

• Leadership change may create uncertainty and affect investor confidence.
• Possible gaps in experience and continuity during the transitional phase.

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 the resignation of Jed A. Latkin as Chief Executive Officer, Chief Financial Officer and Chief Operating Officer of the Company, and as a member of the Board of Directors of the Company, effective October 24, 2021. Mr. Latkin and the Company are discussing the terms of a severance agreement pursuant to his employment contract.

An Office of the CEO including three members of the Company’s Board of Directors has been established to lead the Company on an interim basis while the next Chief Executive Officer of the Company is identified with the assistance of an executive search firm. The Office of the CEO consists of three Board members, including the Chairman, Vice Chairman and Thomas Farb, and the Company’s Senior Vice President and Chief Medical Officer, Michael Rosol, Ph.D., and the Company’s Vice President of Finance and Administration, Erika Eves.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211026006301/en/

Investor Relations Contact

Navidea Biopharmaceuticals, Inc.

Jeff Smith

Vice President of Operations

614-822-2365

jsmith@navidea.com

Source: Navidea Biopharmaceuticals, Inc.

FAQ

Who is the new interim leadership for Navidea Biopharmaceuticals after the CEO resignation?

An Office of the CEO has been established, including three Board members and other executives.

What is the reason for Jed A. Latkin's resignation from Navidea?

The press release does not specify the reasons, only stating discussions regarding the severance agreement.

How might the CEO resignation affect Navidea's stock?

Leadership changes can lead to uncertainty, potentially impacting investor confidence and stock performance.

When did Jed A. Latkin resign from Navidea Biopharmaceuticals?

Jed A. Latkin resigned effective October 24, 2021.