Navidea Biopharmaceuticals Announces 2013 Annual Meeting Results
- Business Update Provided -
DUBLIN, Ohio -- June 27, 2013
Navidea Biopharmaceuticals, Inc. (NYSE MKT: NAVB), a biopharmaceutical company
focused on precision diagnostic radiopharmaceuticals, today announced the
results of voting at its 2013 Annual Meeting of Stockholders (the Annual
Meeting) held June 27, 2013.
At the Annual Meeting, Navidea’s stockholders:
*Re-elected Brendan A. Ford and Eric K. Rowinsky, MD to the Navidea Board
of Directors and to serve for a term of three years; and,
*Ratified the appointment of BDO USA, LLP to act as the Company’s
independent registered public accounting firm for 2013.
Following the formal business portion of the Annual Meeting, Dr. Mark Pykett,
Navidea CEO, and other members of the Navidea executive team made a series of
presentations to stockholders in attendance at the Annual Meeting, including
updates on the following:
*Lymphoseek^® U.S. commercialization and indication expansion development
*Selection of a specialty pharma partner for Lymphoseek commercialization
in Europe; and,
*Initiation of the pivotal NAV4694 Phase 3 registration study.
“We appreciate the support and confidence of our valued stockholders, and we
are confident that we are well-positioned to continue to deliver strong
performance and drive shareholder value," Dr. Pykett said. “At the center of
our strong execution throughout the past year was the approval and launch of
Lymphoseek, the first new diagnostic agent for lymphatic mapping in 30 years
in the U.S. Looking ahead, we have programs in place for the expansion of
Lymphoseek into additional worldwide markets and medical indications that we
believe will set the stage for continuing growth. In addition, we have further
enhanced our leadership in innovative precision diagnostics through the
development of our neurology portfolio, which features best-in-class
diagnostic candidates that we believe will provide potential competitive
Lymphoseek^® (technetium Tc 99m tilmanocept) Injection is a novel,
receptor-targeted, small-molecule radiopharmaceutical used in lymphatic
mapping procedures that are performed to help in the diagnostic evaluation of
potential cancer spread for patients with breast cancer and melanoma.
Lymphoseek is designed to identify the lymph nodes that drain from a primary
tumor, which have the highest probability of harboring cancer. Lymphoseek was
approved by the U.S. Food and Drug Administration in March, 2013 for use in
lymphatic mapping to assist in the localization of lymph nodes draining a
primary tumor in patients with breast cancer or melanoma. The Company
anticipates continuing development of Lymphoseek into other solid tumor areas
that may include head and neck cancers, prostate cancer, thyroid cancer,
lung/bronchus cancers, colorectal cancer and others.
Accurate diagnostic evaluation of cancer is critical, as it guides therapy
decisions and determines patient prognosis and risk of recurrence. According
to the American Cancer Society, approximately 232,000 new cases of breast
cancer, 77,000 new cases of melanoma and 67,000 new cases of head and
neck/oral cancer are expected to be diagnosed in the United States in 2013.
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
Brent Larson, 614-822-2330
Executive VP & CFO
Stern Investor Relations, Inc.
Beth DelGiacco, 212-362-1200
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