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Navidea Biopharmaceuticals Announces 2012 Annual Meeting Results

Stocks in this article: NAVB

Navidea Biopharmaceuticals, Inc. (NYSE MKT: NAVB), a biopharmaceutical company focused on precision diagnostic radiopharmaceuticals, today announced the results of voting at its 2012 Annual Meeting of Stockholders (the Annual Meeting) held August 14, 2012.

At the Annual Meeting, Navidea’s stockholders:

  • Re-elected as a Director of the Company, Gordon A. Troup, Chairman of the Board
  • Approved an amendment to the Company’s Amended and Restated 2002 Stock Incentive Plan (the Plan) to increase the maximum number of shares under the Plan from 10 million shares to 12 million shares; and,
  • Ratified the appointment of BDO USA, LLP to act as the Company’s independent registered public accounting firm for 2011.

Following the formal business portion of the Annual Meeting, Dr. Mark Pykett, Navidea President and CEO, and other members of the Navidea executive team made a series of presentations to stockholders in attendance at the Annual Meeting on topics including program updates for Lymphoseek ®, 4694, CFT and RIGScan TM, and other pipeline expansion activities.

The presentations included highlights on the following 2011-2012 milestone achievements including

  • Strategically re-focused and rebranded the Company based on a growing pipeline of precision diagnostic radiopharmaceuticals following the sale of the Neoprobe gamma detection device business
  • Strengthened Navidea’s financial position with the Hercules Technology II, LP, $7M debt-financing and more recently a $50M credit facility from Platinum-Montaur Life Sciences, LLC, providing the Company with significant, yet flexible, financial resources to fund short- and long-term development and growth plans.
  • Lymphoseek Program highlights: Filed Lymphoseek NDA and anticipate PDUFA date of September 10, 2012; investigator-initiated presentations of encouraging clinical site results from the Head and Neck Study; multiple presentations of breast cancer and melanoma Phase 3 data at key medical and scientific conferences; and presentation and publication of favorable comparison to the current standard of care (colloids + blue Dye); positive guidance from the EMA on the Lymphoseek MAA process for European registration, with preparations underway for the MAA filing before year-end 2012.
  • Other Programs: Expanded the pipeline by in-licensing a Phase 3-ready PET imaging agent, 4694, for aiding in the diagnosis of Alzheimer’s disease from Astra Zeneca; supported multiple presentations of 4694’s Phase 2 and Investigator-initiated studies at major, scientific and medical conferences; in-licensed a Phase 3 potential best-in-class SPECT imaging agent (CFT) for diagnosis of Parkinson’s disease.

At a meeting of the Board of Directors following the Annual Meeting, the Board completed a process to re-align its members into three classes of equal size. NYSE regulations require companies with classified Boards, such as Navidea, to maintain their classes of Directors in roughly equal numbers. To comply with this regulation, Dr. Peter Drake resigned from the Class of 2014 and was immediately re-appointed to the Board’s Class of 2015.

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