Navidea readies public stock offering

Radiopharmaceutical developer Navidea Biopharmaceuticals is planning to raise $6 million in a new public offering of its common stock.

The firm will offer 8 million shares to the public at a price of $0.75 per share. In addition, Navidea has granted the underwriter a 30-day option to buy an additional 1.2 million shares of common stock at the public offering price, less underwriting discounts and commissions. If the underwriter takes advantage of its option, Navidea would receive additional gross proceeds of $900,000.

Subject to customary closing conditions, the offering is expected to close on or about June 18. Navidea plans to use the net proceeds from the offering to fund its research and development programs, including the phase IIb and III clinical trials of its technetium-99m (Tc-99m) tilmanocept radiopharmaceutical in patients with rheumatoid arthritis. The company said it would also use the funds for general working capital purposes and other operating expenses.

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