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Navidea Biopharmaceuticals, Inc. (NYSE MKT: NAVB), a biopharmaceutical company focused on precision diagnostic radiopharmaceuticals, today announced business highlights and consolidated results for the third quarter and nine months ended September 30, 2012.
Financial Results and Outlook
For the quarter ended September 30, 2012, Navidea reported a net loss attributable to common stockholders of $9.1 million, or $0.09 per share, compared to net income attributable to common stockholders of $19.8 million, or $0.21 per share, for the same period in 2011. For the nine months ended September 30, 2012, Navidea’s net loss attributable to common stockholders was $22.0 million, or $0.23 per share, compared to net income attributable to common stockholders of $13.1 million, or $0.15 per share, for the same period in 2011. In August 2011, the Company sold its neoprobe
line of gamma detection device systems to a third party. As a result, the Company recorded a net pre-tax gain on the sale of the GDS business of approximately $25 million during the third quarter of 2011.
Research and development (R&D) expenses were $6.1 million for the quarter ended September 30, 2012, compared to $3.9 million for the same period in 2011. The increase in R&D expenses was attributable to several factors, including increases in NAV4694 (previously called AZD4694) and NAV5001 (previously called CFT) development activities including $1.3 million in NAV5001 sublicense fees, Lymphoseek
® manufacturing-related costs, and headcount-related costs to support our growing development activities, offset by reductions in Lymphoseek new drug application (NDA) filing fees, Lymphoseek clinical trial activities, and RIGScan™ development costs.
R&D expenses were $12.5 million for the nine months ended September 30, 2012, compared to $8.2 million for the same period in 2011. The increase in R&D expenses was primarily attributable to the same factors described above for the three-month periods as well as an option fee and diligence-related costs associated with our sublicense of NAV5001.