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Navidea Announces Fourth Quarter And Full-Year 2012 Results

“During 2012, we continued to make important progress positioning Navidea as a leader in the area of precision diagnostics,” said Dr. Mark Pykett, Navidea’s President and CEO. “We are looking forward to an even more exciting year in 2013.”

Dr. Pykett, Executive Vice President and CBO, Dr. Thomas Tulip, Senior Vice President, Pharmaceutical Research and Clinical Development, Dr. Frederick Cope, and Mr. Larson, will provide a business update and discuss the fourth quarter and full year 2012 financial results during a conference call with the investment community scheduled for Thursday, March 7, 2013 at 8:30 a.m. EST. The conference call can be accessed as follows:
 
Conference Call Information
TO PARTICIPATE LIVE:     TO LISTEN TO A REPLAY:

Date:
   

March 7, 2013

Available until:
   

March 21, 2013

Time:

8:30 a.m. EST

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 #:

268
           

Conference ID #:
   

410082
 

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 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, the ability to obtain, and timing of, regulatory approvals of the Company’s products, the timing and anticipated results of commercialization efforts, and anticipated 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 regulatory approvals for and 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, 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
December 31, December 31,
2012 2011
(unaudited)  
Assets:
 
Cash $ 9,118,564 $ 28,644,004
Other current assets 1,498,819 1,402,517
Non-current assets   1,355,014     1,147,399
 
Total assets $ 11,972,397   $ 31,193,920
 
 
Liabilities and stockholders' (deficit) equity:
 
Notes payable, net of discount, current $ 2,756,718 $ -
Derivative liabilities, current - 568,930
Other current liabilities 3,433,821 2,779,540
Notes payable, net of discount 6,930,112 6,456,388
Other liabilities 257,122 257,315
Stockholders' (deficit) equity   (1,405,376 )   21,131,747
 
Total liabilities and stockholders' (deficit) equity $ 11,972,397   $ 31,193,920
 
           

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
   
Three Months Ended Twelve Months Ended
December 31, December 31, December 31, December 31,
2012 2011 2012 2011
(unaudited) (unaudited) (unaudited)  
 
Revenue $ 6,807 $ - $ 78,738 $ 597,729
 
Operating expenses:
Research and development 4,343,109 6,994,373 16,890,482 15,154,365
Selling, general and administrative   2,690,241     2,048,325     11,177,559     9,547,779  
Total operating expenses   7,033,350     9,042,698     28,068,041     24,702,144  
 
Loss from operations   (7,026,543 )   (9,042,698 )   (27,989,303 )   (24,104,415 )
 
Interest expense (235,994 ) (10,101 ) (1,166,332 ) (13,330 )
Change in derivative liabilities 25,268 4,558 32,110 (952,375 )
Other income, net   2,559     10,486     (33,679 )   22,544  
 
Loss before income taxes (7,234,710 ) (9,037,755 ) (29,157,204 ) (25,047,576 )
 
Benefit from income taxes   -     1,476,215     -     7,880,143  
 
Loss from continuing operations (7,234,710 ) (7,561,540 ) (29,157,204 ) (17,167,433 )
 
Discontinued operations, net of income tax effect   -     (46,382 )   -     22,780,425  
 
Net (loss) income (7,234,710 ) (7,607,922 ) (29,157,204 ) 5,612,992
 
Preferred stock dividends   31,667     (25,000 )   (43,333 )   (100,000 )
 
(Loss) income attributable to common stockholders $ (7,203,043 ) $ (7,632,922 ) $ (29,200,537 ) $ 5,512,992  
 
(Loss) income per common share (basic and diluted):
Continuing operations $ (0.07 ) $ (0.08 ) $ (0.29 ) $ (0.17 )
Discontinued operations $ - $ (0.00 ) $ - $ 0.23
(Loss) income attributable to common stockholders $ (0.07 ) $ (0.08 ) $ (0.29 ) $ 0.06
 
Weighted average shares outstanding:
Basic and diluted 105,067,640 93,766,560 99,059,997 90,509,326
 

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