Corporate Banner
Satellite Banner
Technology
Networks
Scientific Communities
 
Become a Member | Sign in
Home>News>This Article
  News
Return

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

Join For Free

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 3,300+ scientific posters on ePosters
  • More Than 4,900+ 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 TechnologyNetworks.com 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 Signs Agreement with Nordion
Nordion to produce and distribute supplies of 123I-labeled drug product NAV5001 for late-phase clinical trials.
Thursday, May 16, 2013
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
Breakthrough Flu Vaccine Inhibited by Pre-existing Antibodies
Universal truths – how existing antibodies are sabotaging the most promising new human flu vaccines.
Gene Therapy for Metabolic Liver Diseases
Researchers have tested gene therapy in pigs from hereditary tyrosinemia type 1, with corrected liver cells being transplanted into the diseased liver.
Zika Vaccine Candidates Show Promise
Two experimental vaccines have shown promise against a major viral strain responsible for the Brazilian Zika outbreak.
New Medication Shows Promise Against Liver Fibrosis in Animal Studies
Liver fibrosis is a gradual scarring of the liver that puts people at risk for progressive liver disease and liver failure.
Raw Eggs Deemed Safe to Eat
A report published today by the Advisory Committee on the Microbiological Safety of Food (ACMSF) into egg safety has shown a major reduction in the risk from salmonella in UK eggs.
Monitoring TTX Toxin in Shellfish
In a number of small studies, mussels and oysters from the eastern and northern part of the Oosterschelde in Holland were found to contain tetrodotoxin (TTX).
Gene Terapy for Muscle Wasting Developed
New gene therapy could save millions of people suffering from muscle wasting disease.
NIH Begins Yellow Fever Vaccine Trial
NIH has initiated an early-stage clinical trial of a vaccine to protect against yellow fever.
Gene-Editing 'Toolbox' Targets Multiple Genes Simultaneously
Researchers have designed a system that modifies, or edits, multiple genes in a genome at once while minimising unintentional effects.
Detecting Alzheimer's with Smell Test
Odour identification test may offer low-cost alternative for predicting cognitive decline and detecting early-stage Alzheimer’s disease.
Scroll Up
Scroll Down
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
3,300+ scientific and medical posters
A library of 2,500+ scientific videos on LabTube
4,900+ scientific videos
Close
Premium CrownJOIN TECHNOLOGY NETWORKS PREMIUM FOR FREE!