Corporate Banner
Satellite Banner
Molecular & Clinical Diagnostics
Scientific Community
Become a Member | Sign in
Home>News>This Article

Navidea Biopharmaceuticals Closes $25 Million Debt Financin

Published: Thursday, June 27, 2013
Last Updated: Thursday, June 27, 2013
Bookmark and Share
Navidea Biopharmaceuticals, Inc. announced that it has closed a $25 million debt financing transaction led by GE Capital, Healthcare Financial Services.

The loan funds will be used to support Lymphoseek® commercialization activities, advance the clinical development of the Company’s pipeline, repay certain of the Company’s existing outstanding indebtedness, and for general corporate purposes.

“As we implement the commercial launch of our first approved precision diagnostic radiopharmaceutical, Lymphoseek, and look to expand the commercial scope for the product internationally, this debt financing provides us with additional resources for the execution of the global commercialization plan for Lymphoseek and for our business plan in general, including the advancement of our clinical programs in Alzheimer’s and Parkinson’s disease and the initiation of their Phase 3 registration activities,” said Mark Pykett, V.M.D., Ph.D., CEO of Navidea Biopharmaceuticals. "We are pleased to have the support of GE Capital, a premier life sciences financing provider.”

“We are proud to provide Navidea with this critical capital as they advance their pipeline candidates toward regulatory approval and commercialization in these important medical areas,” said Anthony Storino, Senior Managing Director of life sciences finance at GE Capital, Healthcare Financial Services. “We support customers’ strategies with deep knowledge of the healthcare industry, and financing expertise to support business objectives, including advancements in vital healthcare products.”

The funding of $25 million, which closed on June 25, 2013, is in the form of a senior secured term loan facility. In addition, in connection with this transaction, Navidea announces certain changes were made to the Company’s line of credit currently in place with Platinum-Montaur Life Sciences LLP’s (Montaur); specifically, $4.8 million of the $8 million in currently outstanding indebtedness to Montaur was forgiven as consideration for the exercise of warrants for Series B preferred shares of the Company, in lieu of the 7.7 million shares of common stock for which the warrants were originally exercisable. The Series B preferred shares have rights to convert back into the same number of common shares. The borrowing capacity of the Montaur credit facility was also reset to $30 million available immediately under existing terms with an additional $15 million available on similar terms as agreed to by the parties, thereby providing access to the Company under the Montaur facility of over $53 million in funding, and as much as $78 million, under the two facilities in aggregate.

Further Information
Access to this exclusive content is for Technology Networks Premium members only.

Join Technology Networks Premium for free access to:

  • Exclusive articles
  • Presentations from international conferences
  • Over 2,800+ scientific posters on ePosters
  • More than 4,000+ scientific videos on LabTube
  • 35 community eNewsletters

Sign In

Forgotten your details? Click Here
If you are not a member you can join here

*Please note: By logging into you agree to accept the use of cookies. To find out more about the cookies we use and how to delete them, see our privacy policy.

Related Content

Navidea Biopharmaceuticals Announces Presentation of Lymphoseek® Phase 3 Data
Data from ongoing clinical trial for mapping sentinel lymph nodes in head and neck squamous cell carcinoma (HNSCC) presented at Society of Surgical Oncology Meeting.
Wednesday, March 28, 2012
Scientific News
Mathematical Model Forecasts the Path of Breast Cancer
Chances of survival depend on which organs breast cancer tumors colonize first.
Measuring microRNAs in Blood to Speed Cancer Detection
A simple, ultrasensitive microRNA sensor holds promise for the design of new diagnostic strategies and, potentially, for the prognosis and treatment of pancreatic and other cancers.
Biomedical Imaging at One-Thousandth the Cost
Mathematical modeling enables $100 depth sensor to approximate the measurements of a $100,000 piece of lab equipment.
Improving Outcomes for Lung Cancer and Diabetic Patients
Novel technologies have been developed with support from SBRI Healthcare funding.
New Way of Detecting Cancer
A new RNA test of blood platelets can be used to detect, classify and pinpoint the location of cancer by analysing a sample equivalent to one drop of blood.
Rapid, Portable Ebola Diagnostic
Scientists confirmed the efficiency of the novel Ebola detection method in field trials.
New, Better Test for Prostate Cancer
A study from Karolinska Institutet shows that a new test for prostate cancer is better at detecting aggressive cancer than PSA.
Blood Test Picks Out Prostate Cancer Drug Resistance
Scientists have developed a blood test that can identify key mutations driving resistance to a widely used prostate cancer drug, and identify in advance patients who will not respond to treatment.
Antibody Targets Key Cancer Marker
University of Wisconsin-Madison researchers have created a molecular structure that attaches to a molecule on highly aggressive brain cancer and causes tumors to light up in a scanning machine.
Key Piece of MRSA Vaccine Puzzle
New research funded by the Health Research Board and the Wellcome Trust has pinpointed immune cells that could be targeted by an MRSA vaccine.
Skyscraper Banner

Skyscraper Banner
Go to LabTube
Go to eposters
Access to the latest scientific news
Exclusive articles
Upload and share your posters on ePosters
Latest presentations and webinars
View a library of 1,800+ scientific and medical posters
2,800+ scientific and medical posters
A library of 2,500+ scientific videos on LabTube
4,000+ scientific videos