This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Navidea Biopharmaceuticals Reiterates Position On Recent Financing, Stock Price

Navidea Biopharmaceuticals, Inc. (NYSE MKT:NAVB) recently completed a sale of common stock and warrants for gross proceeds of $30 million under a registered direct public offering. Since that placement, Navidea shares have experienced a serious, and in the Company’s estimation, unwarranted decline in value. The Company reiterates that it raised the funds primarily to enhance a series of initiatives underway including commercial opportunities for Lymphoseek ® (technetium 99m tilmanocept) Injection outside the U.S., the continued development of its neurodegenerative imaging portfolio, and further evaluation of Manocept™ platform initiatives.

Dr. Mark Pykett, Navidea CEO, commented, “We remain enthusiastic about the long-term prospects for Lymphoseek and are highly encouraged by key quantitative and qualitative metrics being met or exceeded. We are also encouraged in these early days of launch to have received separate reimbursement for the product which we expect to further contribute to Lymphoseek adoption. We are looking forward to a number of value creating catalysts in the near term which we believe are enabled by the additional capital. These activities include keeping our Phase 3 neurology programs moving forward and advancing Navidea’s strategic role commercially outside the US. Importantly, the financing enables the acceleration of a number of potential new opportunities from our Manocept platform, announced several weeks ago and for which we expect to provide an update on shortly. We believe these new opportunities offer compelling potential while Lymphoseek revenues continue to grow.”

Dr. Michael Goldberg, Principal, Montaur Capital Partners, LLC and Portfolio Manager of Montaur, said, “We continue to believe in Navidea and the underlying fundamentals and value, and are excited by the potential of the expanded pipeline and partnering possibilities based on the recently disclosed Manocept platform which represents an important new engine for the Company’s future.”

The Company believes the change in its share price following the transaction reflects a substantial over-reaction relative to the continued strong, underlying fundamentals of the Company. The Company believes the recent financing enhances its ability to pursue important new opportunities with Lymphoseek, its registration programs, and its pipeline efforts, including Manocept.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,979.13 +59.54 0.35%
S&P 500 1,986.51 +4.91 0.25%
NASDAQ 4,526.4820 -1.0320 -0.02%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs