Navidea Biopharmaceuticals Closes $25 Million Debt Financing with GE Capital, Healthcare Financial Services

  Navidea Biopharmaceuticals Closes $25 Million Debt Financing with GE
  Capital, Healthcare Financial Services

Business Wire

DUBLIN, Ohio -- June 26, 2013

Navidea Biopharmaceuticals, Inc. (NYSE MKT: NAVB), a biopharmaceutical company
focused on precision diagnostic radiopharmaceuticals, today 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.

About GE Capital, Healthcare Financial Services

With in-depth industry knowledge and expertise, GE Capital, Healthcare
Financial Services has provided more than $60 billion in financing over ten
years to companies in over 45 healthcare sectors including senior housing,
hospitals, medical offices, outpatient services, pharmaceuticals and medical
devices. Our team of professionals creates business and financial solutions
tailored to meet the individual needs of our customers. For more information,
visit www.gecapital.com/healthcare.

About Navidea Biopharmaceuticals, Inc.

Navidea Biopharmaceuticals, Inc. (NYSE MKT: NAVB) is a biopharmaceutical
company focused on the development and commercialization of precision
diagnostics and radiopharmaceutical agents. Navidea is actively developing
four radiopharmaceutical agent platforms – Lymphoseek^®, NAV4694, NAV5001 and
RIGScan^TM – to help identify the sites and pathways of undetected disease and
enable better diagnostic accuracy, clinical decision-making and, ultimately,
patient care. Navidea’s strategy is to deliver superior growth and shareholder
return by bringing to market novel radiopharmaceutical agents and advancing
the Company’s pipeline through selective acquisitions, global partnering and
commercialization efforts. For more information, please visit www.navidea.com.

The Private Securities Litigation Reform Act of 1995 (the Act) provides a safe
harbor for forward-looking statements made by or on behalf of the Company.
Statements in this news release, which relate to other than strictly
historical facts, such as statements about the Company’s plans and strategies,
expectations for future financial performance, new and existing products and
technologies, anticipated clinical and regulatory pathways, and markets for
the Company’s products are forward-looking statements within the meaning of
the Act. The words “believe,” “expect,” “anticipate,” “estimate,” “project,”
and similar expressions identify forward-looking statements that speak only as
of the date hereof. Investors are cautioned that such statements involve risks
and uncertainties that could cause actual results to differ materially from
historical or anticipated results due to many factors including, but not
limited to, the Company’s continuing operating losses, uncertainty of market
acceptance of its products, reliance on third party manufacturers, accumulated
deficit, future capital needs, uncertainty of capital funding, dependence on
limited product line and distribution channels, competition, limited marketing
and manufacturing experience, risks of development of new products, regulatory
risks and other risks detailed in the Company’s most recent Annual Report on
Form 10-K and other Securities and Exchange Commission filings. The Company
undertakes no obligation to publicly update or revise any forward-looking
statements.

Contact:

Navidea Biopharmaceuticals, Inc.
Brent Larson, 614-822-2330
Executive VP & CFO
or
Stern Investor Relations, Inc.
Beth DelGiacco, 212-362-1200
 
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