Navidea Biopharmaceuticals, Inc. (NYSE MKT: NAVB), a biopharmaceutical company focused on precision diagnostic radiopharmaceuticals, announced today that it has priced an underwritten sale of common stock in a transaction led by J.P. Morgan Asset Management and involving one other institutional investor. In the offering 1,542,389 shares were sold in an at market transaction at a price of $3.10 per share for gross proceeds of approximately $4.8 million. The net proceeds of the financing will be used to fund Navidea’s ongoing operations. The sale is expected to close on or about February 4, 2013, subject to the satisfaction of customary closing conditions.
“We are excited that J.P. Morgan Asset Management and another institution, premier investors in the biotechnology sector, have decided to establish meaningful positions in Navidea,” said Dr. Mark Pykett, President and CEO of Navidea. “Through our efforts to build relationships with potential institutional investors and catalyze interest in Navidea, we were presented with this targeted opportunity to expand our institutional base with outstanding investors. We are pleased to be able to capitalize on this opportunity to strengthen our shareholder base as we look forward to the approval of our first commercial radiopharmaceutical agent, Lymphoseek.”
Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann Financial Services Inc. (NYSE MKT: LTS), acted as the exclusive underwriter in connection with the offering. The shares described above are being offered pursuant to a shelf registration statement (File No. 333-173752) which was declared effective by the U.S. Securities and Exchange Commission (SEC) on May 9, 2011. A prospectus supplement related to the offering will be filed with the SEC. When filed with the SEC, copies of the prospectus supplement and the accompanying base prospectus relating to this offering may be obtained at the SEC's website at http://www.sec.gov or by contacting Ladenburg Thalmann & Co. Inc., 58 South Service Road, Suite 160, Melville, NY, Attention: George Mangione, (631) 270-1611 or GMangione@ladenburg.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, the shares in any state or other jurisdiction which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.