Navidea Biopharmaceuticals announced that Platinum-Montaur Life Sciences, will provide Navidea a credit facility of up to $50 million, in debt financing.
This debt financing transaction provides the Company with significant, yet flexible, financial resources to fund its development and growth plans.
Under the terms of this debt financing transaction, Montaur has committed to extend up to $15 million in debt, which is available immediately, to the Company at a prime-based interest rate currently at approximately 10 percent per annum.
Montaur has committed an additional $20 million upon approval of Lymphoseek on consistent terms, with yet an additional $15 million potentially available on terms to be negotiated.
No conversion features or warrants are associated with the facility.
Navidea is currently awaiting a response from the FDA on a New Drug Application that was submitted for Lymphoseek, its novel radiopharmaceutical imaging agent intended for use by surgeons in lymphatic mapping procedures associated with solid tumor cancers.
Additionally, the Company’s pipeline includes the ongoing development of a number of diagnostic agents: AZD4694, a beta amyloid imaging agent for Alzheimer’s Disease; and RIGScan, a radio-labeled antibody diagnostic being studied in colorectal cancer.
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