Navidea Biopharmaceuticals Receives $7.5 Million from Cardinal Health
Navidea Biopharmaceuticals, Inc. (NYSE American: NAVB) has received $7.5 million in cash from Cardinal Health (NYSE: CAH) in lieu of a contingent milestone payment. The cash payment provides immediate capital for Navidea’s Phase 2b and Phase 3 clinical trials.
The payment is the result of an amendment to an Asset Purchase Agreement between Navidea and Cardinal Health, dated November 23, 2016.
Following the payment, Navidea has waived its right to receive any contingent milestone payment from Cardinal.
Navidea stated that the combination of accelerated funding, strategic partnership and continued capital access will allow it to expand its clinical trial base while delivering shareholder value.
Navidea is focused on the development of precision immunodiagnostic agents and immunotherapeutics.
About Navidea Biopharmaceuticals
Navidea Biopharmaceuticals, Inc. (NYSE American: NAVB) is a biopharmaceutical company focused on the development of precision immunodiagnostic agents and immunotherapeutics. Navidea is developing multiple precision-targeted products based on its Manocept platform to enhance patient care by identifying the sites and pathways of disease and enable better diagnostic accuracy, clinical decision-making, and targeted treatment. Navidea’s Manocept platform is predicated on the ability to specifically target the CD206 mannose receptor expressed on activated macrophages. The Manocept platform serves as the molecular backbone of Tc99m tilmanocept, the first product developed and commercialized by Navidea based on the platform. Navidea’s strategy is to deliver superior growth and shareholder return by bringing to market novel products and advancing the Company’s pipeline through global partnering and commercialization efforts.