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Navidea Biopharmaceuticals Announces Third Quarter 2012 Financial Results

Conference Call Details

Navidea's President and CEO, Dr. Mark Pykett, Executive Vice President and Chief Business Officer, Dr. Thomas Tulip, and Senior Vice President and CFO, Brent Larson, will provide a development and business update, including responding to investor questions regarding the recent Lymphoseek NDA resubmission, and will discuss the Company's financial results for the third quarter and first nine months of 2012 during the conference call. The conference call can be accessed as follows:

 
CONFERENCE CALL INFORMATION

TO PARTICIPATE LIVE:

      TO LISTEN TO A REPLAY:
Date:       November 8, 2012       Available until:       November 22, 2012
Time:       5:00 PM ET       Toll-free (U.S.) Dial in #:       (877) 660-6853
                International Dial in #:       (201) 612-7415
Toll-free (U.S.) Dial in #:       (877) 407-8031                
International Dial in #:       (201) 689-8031       Replay passcode        
                Account #       286
                Conference ID#       403335
                 

About Navidea Biopharmaceuticals, Inc.

Navidea Biopharmaceuticals, Inc. (NYSE MKT: NAVB) is a biopharmaceutical company focused on the development and commercialization of precision diagnostics and radiopharmaceutical agents. Navidea is actively developing four radiopharmaceutical agent platforms – Lymphoseek ®, NAV4694, NAV5001 (CFT) and RIGScan TM – to help identify the sites and pathways of undetected disease and enable better diagnostic accuracy, clinical decision-making and, ultimately, patient care. Navidea’s strategy is to deliver superior growth and shareholder return by bringing to market novel radiopharmaceutical agents and advancing the Company’s pipeline through selective acquisitions, global partnering and commercialization efforts. For more information, please visit www.navidea.com.

The Private Securities Litigation Reform Act of 1995 (the Act) provides a safe harbor for forward-looking statements made by or on behalf of the Company. Statements in this news release, which relate to other than strictly historical facts, such as statements about the Company’s plans and strategies, expectations for future financial performance, new and existing products and technologies, anticipated clinical and regulatory pathways, and markets for the Company’s products are forward-looking statements within the meaning of the Act. The words “believe,” “expect,” “anticipate,” “estimate,” “project,” and similar expressions identify forward-looking statements that speak only as of the date hereof. Investors are cautioned that such statements involve risks and uncertainties that could cause actual results to differ materially from historical or anticipated results due to many factors including, but not limited to, the Company’s continuing operating losses, uncertainty of market acceptance of its products, reliance on third party manufacturers, accumulated deficit, future capital needs, uncertainty of capital funding, dependence on limited product line and distribution channels, competition, limited marketing and manufacturing experience, risks of development of new products, regulatory risks and other risks detailed in the Company’s most recent Annual Report on Form 10-K and other Securities and Exchange Commission filings. The Company undertakes no obligation to publicly update or revise any forward-looking statements.

               
NAVIDEA BIOPHARMACEUTICALS, INC.
 
CONDENSED CONSOLIDATED BALANCE SHEETS
 
September 30,2012 December 31,2011
(unaudited)  
Assets:
 
Cash $ 11,211,170 $ 28,644,004
Other current assets 962,687 1,402,517
Non-current assets   1,433,861   1,147,399
 
Total assets $ 13,607,718 $ 31,193,920
 
 
Liabilities and stockholders' equity:
 
Note payable, net of discount, current $ 2,425,973 $ -
Derivative liabilities, current 509,687 568,930
Other current liabilities 4,073,702 2,779,540
Note payable, net of discount 3,593,660 6,456,388
Other liabilities 250,588 257,315
Stockholders' equity   2,754,108   21,131,747
 
Total liabilities and stockholders' equity $ 13,607,718 $ 31,193,920
 
                   
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
   
Three Months Ended Nine Months Ended
September 30,2012 September 30,2011 September 30,2012 September 30,2011
(unaudited) (unaudited) (unaudited) (unaudited)
 
Revenue $ - $ 255,632 $ 71,931 $ 597,729
 
Operating expenses:
Research and development 6,127,546 3,858,141 12,547,373 8,159,992
Selling, general and administrative   2,941,851     2,870,603     8,487,318     7,499,454  
Total operating expenses   9,069,397     6,728,744     21,034,691     15,659,446  
 
Loss from operations   (9,069,397 )   (6,473,112 )   (20,962,760 )   (15,061,717 )
 
Interest expense (315,262 ) (564 ) (930,338 ) (3,229 )
Change in derivative liabilities 283,731 7,208 6,842 (956,933 )
Other income (expense), net   2,328     6,653     (36,238 )   12,058  
 
Loss before income taxes (9,098,600 ) (6,459,815 ) (21,922,494 ) (16,009,821 )
 
Benefit from income tax   -     6,403,928     -     6,403,928  
 
Loss from continuing operations (9,098,600 ) (55,887 ) (21,922,494 ) (9,605,893 )
 
Discontinued operations, net of tax effect   -     19,887,820     -     22,826,807  
 
Net (loss) income (9,098,600 ) 19,831,933 (21,922,494 ) 13,220,914
 
Preferred stock dividends   (25,000 )   (25,000 )   (75,000 )   (75,000 )
 
(Loss) income attributable to common stockholders $ (9,123,600 ) $ 19,806,933   $ (21,997,494 ) $ 13,145,914  
 
(Loss) income per common share (basic and diluted):
Continuing operations $ (0.09 ) $ (0.00 ) $ (0.23 ) $ (0.11 )
Discontinued operations $ - $ 0.21 $ - $ 0.26
(Loss) income attributable to common stockholders $ (0.09 ) $ 0.21 $ (0.23 ) $ 0.15
 
Weighted average shares outstanding:
Basic and Diluted 102,332,983 93,070,235 97,042,832 89,410,150
 




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