Navidea reports Q3 revenue growth

Radiopharmaceutical developer Navidea Biopharmaceuticals has released its third-quarter financial results (end-September 30).

The company reported revenue of $2.3 million for the quarter, compared with $400,000 during the same period in 2013. Of this third-quarter revenue, $1.1 million came from Lymphoseek sales, the company said. Navidea also reported a net loss of $6.9 million, up from $11.3 million in the third quarter of last year.

For the nine-month period, Navidea had revenue of $4.1 million, compared with $596,000 for the same nine months of 2013. Net loss was the same as in the previous year's nine-month period, at $28.9 million.

Navidea received expanded Lymphoseek approval from the U.S. Food and Drug Administration (FDA) on October 15. The agent is the only one approved for lymphatic mapping across all solid tumors when used as a component of surgical management, and it is the first and only FDA-approved radiopharmaceutical for sentinel lymph node detection for guiding sentinel lymph node biopsy in breast cancer and melanoma (in addition to the previous approval for certain head and neck cancer patients), according to the firm.

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