'NAVB' - (Navidea Biopharmaceuticals Prices Sale of Common Stock)
Feb 04, 2013 (Close-Up Media via COMTEX) -- Navidea Biopharmaceuticals, Inc., a
biopharmaceutical company focused on precision diagnostic radiopharmaceuticals,
announced that it has priced an underwritten sale of common stock in a
transaction led by J.P. Morgan Asset Management and involving one other
institutional investor.
In a release, the Company said that in the offering 1,542,389 shares were sold
in an at market transaction at a price of $3.10 per share for gross proceeds of
approximately $4.8 million. Navidea said that the net proceeds of the financing
will be used to fund Navidea's ongoing operations. The sale is expected to close
on or about February 4, 2013, subject to the satisfaction of customary closing
conditions.
"We are excited that J.P. Morgan Asset Management and another institution,
premier investors in the biotechnology sector, have decided to establish
meaningful positions in Navidea," said Dr. Mark Pykett, President and CEO of
Navidea. "Through our efforts to build relationships with potential
institutional investors and catalyze interest in Navidea, we were presented with
this targeted opportunity to expand our institutional base with outstanding
investors. We are pleased to be able to capitalize on this opportunity to
strengthen our shareholder base as we look forward to the approval of our first
commercial radiopharmaceutical agent, Lymphoseek."
Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann Financial
Services Inc., acted as the exclusive underwriter in connection with the
offering.
Navidea Biopharmaceuticals, Inc. is a biopharmaceutical company focused on the
development and commercialization of precision diagnostics and
radiopharmaceutical agents.
((Comments on this story may be sent to health@closeupmedia.com))
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Source: Comtex Wall Street News
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