Navidea Biopharmaceuticals Completes $30 Million Registered Direct Offering Of Common Stock
Navidea Biopharmaceuticals, Inc. (NYSE MKT:NAVB), a biopharmaceutical
company focused on precision diagnostic radiopharmaceuticals, today
announced that it has completed the sale of common stock and warrants
Navidea Biopharmaceuticals, Inc. (NYSE MKT:NAVB), a biopharmaceutical company focused on precision diagnostic radiopharmaceuticals, today announced that it has completed the sale of common stock and warrants (the "Units") for gross proceeds of $30 million under a registered direct public offering with Crede CG III, Ltd. ("Crede"), a wholly-owned subsidiary of Crede Capital Group, LLC, a U.S.-based accredited, institutional investor. The price paid by Crede is $2.84 per Unit, which is equal to the closing bid price of Navidea common stock on Monday, September 23, 2013. Each Unit consists of one share of NAVB common stock, and a warrant to purchase three tenths (0.3) of a share of NAVB common stock at an exercise price of $3.83, representing a 35% premium above the closing bid price of Navidea common stock on Monday, September 23, 2013. Under the Offering, Navidea has issued to Crede 10,563,381 shares of Navidea common stock and warrants to purchase up to an aggregate of 3,169,015 shares of NAVB common stock. The warrants have a three-year term. Net proceeds realized by Navidea in connection with the offering are expected to be $28.8 million after deducting the placement agent fees and estimated offering expenses. The Company expects to use the net proceeds to support the additional growth of the Company including pursuit of commercial opportunities for Lymphoseek ® outside the U.S., the continued development of its neurodegenerative imaging portfolio, further evaluation of Manocept™ platform initiatives, and other general corporate purposes. Dr. Mark Pykett, CEO of Navidea, stated, "Navidea has been actively cultivating relationships with the institutional investment community and our efforts have generated ongoing interest in Navidea. We are pleased with this significant investment by Crede Capital Group, a quality family-office institutional investor with strong knowledge of the biotechnology industry and the international marketplace." JMP Securities served as placement agent for this transaction.