Radiopharmaceutical developer Navidea Biopharmaceuticals has signed an agreement with the company's largest shareholder for a private placement of up to $5 million in preferred stock.
The shareholder, John K. Scott Jr., has agreed to purchase $5 million in newly designated series E redeemable convertible preferred stock. Over the next 18 months, the stock can be converted into approximately 2.2 million shares of Navidea's common stock.
The firm will file a registration statement with the U.S. Securities and Exchange Commission covering the resale of the shares of common stock to be issued to Scott, it said.
