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TheStreet Open House

Navidea Biopharmaceuticals Provides Financing Update

Navidea Biopharmaceuticals, Inc. (NYSE MKT: NAVB), a biopharmaceutical company focused on precision diagnostic radiopharmaceuticals, today announced that it has closed on an initial draw of $2 million under its line of credit with Platinum-Montaur Life Sciences, LLC (Montaur).

On July 26, 2012, the Company announced the availability of up to $50 million under the debt facility with Montaur. This $2 million draw is part of an initial $15 million Navidea can draw on at any time as the first part of the overall line. Montaur has committed to provide an additional $20 million upon approval of Lymphoseek ®, with yet an additional $15 million potentially available on terms to be negotiated. Interest on the draws made under the facility is based on the prime rate and is currently set at approximately 10 percent per annum. Principal under the facility is generally repayable two years from the date a draw is funded, subject to certain conditions. No conversion features or warrants are associated with the facility.

“We are pleased to have now accessed the debt facility put in place with Montaur some time ago. In addition, Montaur has indicated it intends to exercise certain warrants set to expire soon that are related to past transactions, which we anticipate will provide another $1.9 million in proceeds to the Company before year-end. We believe the completed drawdown, coupled with the proceeds from the anticipated warrant exercise, exemplify Montaur’s continued support for the Company as well as the strength and flexibility of our financial model,” said Brent Larson, Navidea Senior Vice President and CFO. “The Company has access to substantial financial resources that provide us with important financial flexibility. We intend to access funding as needed to maintain a strong balance sheet to support the significant progress in our development programs and prepare for Lymphoseek commercialization, as we confidently anticipate US approval.”

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