Navidea Biopharmaceuticals Completes License For Parkinson's Disease Imaging Agent

Navidea Biopharmaceuticals, Inc. (NYSE MKT: NAVB), a biopharmaceutical company focused on precision diagnostic radiopharmaceuticals, today announced that it has entered into an agreement with Alseres Pharmaceuticals, Inc. (Alseres) to license [ ¹²³I]-E-IACFT Injection (CFT), an Iodine-123 radiolabeled imaging agent being developed as an aid in the diagnosis of Parkinson’s disease and other movement disorders, with a potential use as a diagnostic aid in dementia.

“The diagnostic dilemma in movement disorders remains a pressing medical need that will continue to escalate as our world’s population ages,” said Dr. Mark Pykett, President and CEO of Navidea. “The addition of the CFT program is consistent with our growth strategy to build our precision radiopharmaceutical pipeline with later-stage, high-value diagnostics aimed at important medical needs.”

“We believe that CFT has the potential to be a best-in-class imaging agent to improve diagnostic accuracy by differentiating Parkinson’s disease from non-degenerative movement disorders, especially during the period soon after symptom-onset,” said Dr. Thomas Tulip, Navidea’ s EVP and Chief Business Officer. “This licensing agreement has afforded Navidea another strong Phase 3 diagnostic imaging asset that has great synergy with our AZD4694 imaging program, which we are developing as an aid in the diagnosis of Alzheimer’s disease. These exciting programs provide us with a robust franchise in precision neuroimaging diagnostics.”

“We are pleased to have completed this agreement with Navidea. With its focus, dedication, and imaging expertise, Navidea represents an ideal partner to complete the development and commercialization of this promising agent that may help millions of patients with movement disorders arrive at a more timely and accurate diagnosis,” said Peter G. Savas, CEO of Alseres.

Under the terms of the license agreement, Alseres granted Navidea an exclusive, worldwide sub-license to research, develop and commercialize CFT. The final terms of the agreement call for Navidea to make a one-time sub-license execution payment to Alseres equal to (i) One Hundred Seventy-Five Thousand Dollars ($175,000) and (ii) issue Alseres 300,000 shares of NAVB common stock.

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