DUBLIN, Ohio--(BUSINESS WIRE)--Navidea Biopharmaceuticals, Inc. (NYSE MKT:NAVB) today reported business and financial highlights for the fourth quarter and year ended December 31, 2016.
2016 Top Highlights
• Achieved $1 million in Lymphoseek® (technetium Tc 99m tilmanocept) injection commercial milestones upon sale of 100,000th patient dose and receipt of European approval to manufacture a reduced-mass vial • Completed sale of Lymphoseek to Cardinal Health 414, LLC (“Cardinal Health 414”) and received approximately $83 million in upfront payments including an advance of $3 million of future earnout payments, with up to $227 million in potential additional earnout payments through 2026 • Initiated intravenous (“IV”) dose escalation Phase 1 imaging/disease-finding study in rheumatoid arthritis (“RA”) of ten cohorts with three dose cohorts completed with major escalations and imaging of active RA • Completed nine-subject cardiovascular imaging disease-finding study in HIV/CV patients and published clinical results in The Journal of Infectious Diseases • Awarded $1.8 million Fast-track Small Business Innovation Research (“SBIR”) Grant for Manocept™-based treatment for Kaposi’s Sarcoma (“KS”) • Appointed Michael M. Goldberg, M.D., as President and Chief Executive Officer and Eric K. Rowinsky, M.D., as Chairman of the Board of Directors
2016 Top Highlights
• Achieved $1 million in Lymphoseek® (technetium Tc 99m tilmanocept) injection commercial milestones upon sale of 100,000th patient dose and receipt of European approval to manufacture a reduced-mass vial • Completed sale of Lymphoseek to Cardinal Health 414, LLC (“Cardinal Health 414”) and received approximately $83 million in upfront payments including an advance of $3 million of future earnout payments, with up to $227 million in potential additional earnout payments through 2026 • Initiated intravenous (“IV”) dose escalation Phase 1 imaging/disease-finding study in rheumatoid arthritis (“RA”) of ten cohorts with three dose cohorts completed with major escalations and imaging of active RA • Completed nine-subject cardiovascular imaging disease-finding study in HIV/CV patients and published clinical results in The Journal of Infectious Diseases • Awarded $1.8 million Fast-track Small Business Innovation Research (“SBIR”) Grant for Manocept™-based treatment for Kaposi’s Sarcoma (“KS”) • Appointed Michael M. Goldberg, M.D., as President and Chief Executive Officer and Eric K. Rowinsky, M.D., as Chairman of the Board of Directors
