Navidea Biopharmaceuticals, Inc. (NYSE MKT: NAVB), a biopharmaceutical company focused on precision diagnostic radiopharmaceuticals, today announced consolidated results for the fourth quarter of 2012 and for the year ended December 31, 2012.
Navidea’s revenues for 2012 relate primarily to reimbursement of certain Lymphoseek ® commercialization activities by our U.S. distribution partner. Revenues for 2011 relate to grants received in support of the Company’s drug development activities. Revenues for the year ended December 31, 2012 were $79,000 compared to $598,000 for 2011. Costs related to these reimbursements and grants received in support of development activities were recorded in operating expenses.
Fourth quarter 2012 operating expenses were $7.0 million compared to $9.0 million for the fourth quarter of 2011. Operating expenses for the year ended December 31, 2012 were $28.1 million compared to $24.7 million for 2011.Research and development expenses decreased $2.7 million to $4.3 million during the fourth quarter of 2012 from $7.0 million for the same period in 2011. The net decrease was primarily a result of net decreases in NAV4694 costs, which included a $5.0 million license fee in the fourth quarter of 2011, and RIGScan TM development costs, offset by increases in Lymphoseek and NAV5001 development costs as well as increased headcount and related costs to support our expanded development efforts. Research and development expenses increased $1.7 million to $16.9 million during 2012 from $15.2 million during 2011. The net increase from 2011 to 2012 was primarily a result of net increases in NAV5001 and Lymphoseek development costs, including NAV5001 option and sublicense fees of $1.8 million ($1.1 million of which was non-cash in nature), increased costs related to potential pipeline products, and increased headcount and related costs as described above, offset by decreases in NAV4694 and RIGScan development costs. Selling, general and administrative expenses increased $642,000 to $2.7 million for the fourth quarter of 2012 from $2.0 million for the same period in 2011. The net increase was primarily a result of our formation of a marketing and business development team during the second half of 2011 to prepare for the commercial launch of Lymphoseek, resulting in increased marketing costs related to the pending commercial launch of Lymphoseek and increased headcount and related costs in 2012. Selling, general and administrative expenses increased $1.7 million to $11.2 million during 2012 from $9.5 million in 2011. The net increase from 2011 to 2012 was primarily a result of increased marketing costs related to the pending commercial launch of Lymphoseek coupled with increased headcount and related costs as described above, offset by decreased separation costs of $2.7 million related to our former President and CEO which were recorded in 2011.
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