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Navidea Biopharmaceuticals Announces Second Quarter 2012 Financial Results

Stocks in this article: NAVB

Navidea Biopharmaceuticals, Inc. (NYSE MKT: NAVB), a biopharmaceutical company focused on precision diagnostic radiopharmaceuticals, today announced business highlights and consolidated results for the second quarter and six months ended June 30, 2012.

Financial Results and Outlook

For the quarter ended June 30, 2012, Navidea reported a net loss attributable to common stockholders of $5.9 million, or $0.06 per share, compared to a net loss attributable to common stockholders of $2.2 million, or $0.02 per share, for the same period in 2011. For the six months ended June 30, 2012, Navidea’s net loss attributable to common stockholders was $12.9 million, or $0.14 per share, compared to a net loss attributable to common stockholders of $6.7 million, or $0.08 per share, for the same period in 2011.

Brent Larson, Navidea Senior Vice President and CFO, said: “In continuing to facilitate the growth and diversification of our business, Navidea achieved a number of milestones during the first half of 2012 that we believe will enhance shareholder value, including activities related to Lymphoseek ® commercialization and the addition of the [ 123I]-E-IACFT (CFT) neuro-imaging agent to our pipeline. To achieve these accomplishments, we incurred a number of non-recurring expenses including costs related to regulatory support of Lymphoseek registration activities, launch preparation costs, expenses incurred addressing manufacturing matters, and the option fee for the CFT asset. Along the way, we have maintained a strong balance sheet and have taken incremental steps to further strengthen our financial position. Access to a non-dilutive, $50 million credit facility demonstrates yet another facet of the financial flexibility we have established to help ensure that our development programs continue to advance and to support potential additional pipeline growth as we approach revenue generation from Lymphoseek. We will continue to evaluate high-value opportunities to enhance our pipeline and, as with the CFT license, seek to constructively approach these agreements with back-end milestone-driven payments.”

Research and development (R&D) expenses were $2.5 million for the quarter ended June 30, 2012, compared to $1.9 million for the same period in 2011. The increase in R&D expenses was attributable to several factors, including increases in AZD4694 development activities, Lymphoseek manufacturing-related costs, other pipeline and headcount-related costs to support our growing pipeline and development activities, offset by reductions in Lymphoseek clinical trial activities and RIGScan™ development costs.

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