Navidea Biopharmaceuticals, Inc. (NYSE Amex: NAVB), a specialty biopharmaceutical developer of innovative precision diagnostics products, today announced consolidated results for the fourth quarter of 2011 and for the year ended December 31, 2011.
During the second half of 2011, the Company sold its neoprobe ® GDS line of gamma detection device systems to Devicor Medical Products, Inc. for $30.2 million in gross proceeds, resulting in a net gain on the sale of the GDS business of approximately $26.2 million, prior to estimated taxes. As such, results of operations related to the GDS business previously reported in various historical financial statement line items (i.e., revenues, research and development expenses) have been reclassified to discontinued operations for all periods presented. The cash received from the sale of the GDS business contributed to the Company’s year-end cash balance of $28.6 million.
Navidea’s non-GDS revenues for both 2011 and 2010 relate to grants received in support of the Company’s drug development activities. Grant revenues for the year ended December 31, 2011 were $598,000 compared to $617,000 for the same period in 2010. Costs related to these grants received in support of development activities are recorded in research and development expenses.Fourth quarter 2011 operating expenses were $9.0 million compared to $3.6 million for the fourth quarter of 2010. Operating expenses for the year ended December 31, 2011 were $24.7 million compared to $13.3 million for 2010. Of the $24.7 million in operating expenses incurred in 2011, approximately $9.0 million related to non-recurring items such as the Lymphoseek ® New Drug Application (NDA) filing fee, executive separation costs and a $5.0 million up-front fee paid to AstraZeneca related to the license of AZD4694. Excluding the NDA filing fee and AZD4694 license fee, research and development costs decreased $329,000 during 2011 compared to 2010 as a result of decreased clinical trial costs and decreased costs related to chemistry, manufacturing and control validation activities, offset by increased headcount and other consulting costs incurred in support of the NDA. Excluding the separation costs related to our former CEO, selling, general and administrative expenses for 2011 increased $2.8 million compared to 2010 as a result of increased headcount and related costs devoted to marketing and business development, increased investor relations and professional services, and costs associated with increased activity by our Board of Directors during 2011. Navidea’s loss from operations before other expenses and taxes for the fourth quarter of 2011 was $9.0 million compared to $3.1 million for the fourth quarter of 2010. Navidea’s loss from operations before other expenses and taxes for the year ended December 31, 2011 was $24.1 million compared to $12.7 million for 2010. For the fourth quarter of 2011, Navidea reported a loss attributable to common stockholders of $7.6 million, or $0.08 per share, compared to a loss attributable to common stockholders of $2.1 million, or $0.03 per share, for the fourth quarter of 2010. For the year ended December 31, 2011, Navidea reported income attributable to common stockholders of $5.5 million, or $0.06 per share, compared to a loss attributable to common stockholders of $58.2 million, or $0.72 per share, for 2010.
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