Navidea Biopharmaceuticals Closes $25 Million Debt Financin
News Jun 27, 2013
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.
Algorithm Predicts Life Expectancy After Heart AttackNews
A new algorithm developed by UCLA researchers more accurately predicts which people will survive heart failure, and for how long, whether or not they receive a heart transplant. The algorithm would allow doctors to make more personalized assessments of people who are awaiting heart transplants, which in turn could enable health care providers to make better use of limited life-saving resources and potentially reduce health care costs.
Plug-and-Play Diagnostic Devices DevelopedNews
Researchers at MIT’s Little Devices Lab have developed a set of modular blocks that can be put together in different ways to produce diagnostic devices. These “plug-and-play” devices, which require little expertise to assemble, can test blood glucose levels in diabetic patients or detect viral infection, among other functions.READ MORE