Radiopharmaceutical developer Navidea Biopharmaceuticals has signed a nonbinding term sheet for an initial round of standalone financing for its Macrophage Therapeutics business unit.
The initial investment is being proposed by Dr. Michael Goldberg, Navidea's director and the newly named CEO of Macrophage Therapeutics, who plans to lead a group of investors to complete the financing.
The funding is based on a $500 million valuation of Macrophage Therapeutics and is structured to raise $2.5 million for a 0.5% ownership of Macrophage Therapeutics by the investors, according to Navidea.
Upon completion of the funding, Macrophage Therapeutics will be incorporated as a subsidiary of Navidea, and shareholders of Navidea will retain 99.5% ownership of Macrophage Therapeutics.
The investment will be used for product development, general working capital, and to recruit a scientific advisory board, Navidea said.
