The sale of North American rights to Lymphoseek resulted in lower revenues for radiopharmaceutical developer Navidea Biopharmaceuticals in its first quarter (end-March 31).
Total revenues for the quarter were $580,000, compared with $948,000 in the first quarter of last year. Navidea sold the rights to market Lymphoseek to Cardinal Health on March 3, receiving approximately $82 million at closing.
Receipts from the sale contributed to a big jump in net income attributable to common stockholders, which was $85.6 million for the quarter, compared with a net loss of $3.7 million in the same quarter of 2016, the company said.
Navidea will have the opportunity to earn up to $227 million of additional consideration through 2026 for the Lymphoseek deal, with $17.1 million guaranteed over the next three years.
