Navidea Biopharmaceuticals Announces $50 Million Credit Facility With Platinum-Montaur Life Sciences

Navidea Biopharmaceuticals, Inc. (NYSE MKT: NAVB), a biopharmaceutical company focused on precision diagnostic radiopharmaceuticals, today announced that Platinum-Montaur Life Sciences, LLC (Montaur) will provide Navidea a credit facility of up to $50 million. This transaction provides the Company with significant, yet flexible, financial resources to fund its development and growth plans. No draws are currently planned in connection with entering into this facility.

Under the terms of the transaction, Montaur has committed to extend up to $15 million in debt, which is available immediately, to the Company at a prime-based interest rate currently at approximately 10 percent per annum. Montaur has committed an additional $20 million upon approval of Lymphoseek on consistent terms, with yet an additional $15 million potentially available on terms to be negotiated. No conversion features or warrants are associated with the facility.

Navidea is currently awaiting a response from the FDA on a New Drug Application that was submitted for Lymphoseek ^®, its novel radiopharmaceutical imaging agent intended for use by surgeons in lymphatic mapping procedures associated with solid tumor cancers. Additionally, the Company’s pipeline includes the ongoing development of a number of diagnostic agents: AZD4694, a beta amyloid imaging agent for Alzheimer’s Disease; and RIGScan, a radio-labeled antibody diagnostic being studied in colorectal cancer.

Michael Goldberg, M.D., Principal, Montaur Capital Partners, LLC and Portfolio Manager of Montaur, said, “Navidea has been, and continues to represent, an excellent investment for Montaur. Our commitment to extend Navidea a non-dilutive credit facility is yet another sign of our confidence in Navidea, its expanding product pipeline and its management. We believe this transaction will support Navidea’s business and growth plans well through the launch period for Lymphoseek, by providing readily-available capital to support their business and pursue other desirable products and license opportunities that fit the Company’s aggressive strategy of pipeline development.”

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