Navidea Biopharmaceuticals Inc (NAVB)

[Cave In Temptor]

In a way, the deal is simple: $30 M for just below 10% equity position composed of common at no discount + 30% warrant coverage priced at 35% upside, with the possibility to exchange the warrants for free shares as a downside protection if the 35% expected upside is not met within 6 months.
This being said, I needed to take the time to sit quietly and read with a pen in hand the warrant exchange description to make sense of it...
If we place ourselves in mid-sept, time this was negotiated, I can imagine management seeing it as a very reachable PPS with LS EU and US milestones expected in late 2013, not counting pipeline developments thanks to the new cash.

Regarding any Crede selling, let's remember that all discussions we have about the exchange are, well, just discussions until Mar 24, 2014 (the 6 month pole).
I cannot imaging Crede selling at a 16-30% loss (if at 2.00 to 2.40) within days of buying-in (at 2.84) in order to maybe benefit from a great deal on the warrant exchange 6 months later...

I agree with you there is a wee-bit too much darkness around the stock.
Management buying massively would be a good signal... Maybe they are blocked by a black-out period caused by the EU and US sNDA news. Let's hope this is that !