Agent JMP Securities sell units of one share, a warrant for 0.3 shares
By Devika Patel
Knoxville, Tenn., Sept. 24 - Navidea Biopharmaceuticals, Inc. said it raised $30 million in a registered direct offering of units with Crede CG III, Ltd. The deal was conducted by agent JMP Securities LLC.
The company sold 10,563,381 units of one common share and a warrant for 0.3 shares at $2.84 per unit, with each whole warrant exercisable at $3.83 for three years. The strike price is a 33.92% premium to the Sept. 23 closing share price of $2.86.
Proceeds will be used to support the company's growth, including pursuing commercial opportunities for Lymphoseek, development of its neurodegenerative imaging portfolio, evaluation of Manocept platform initiatives and other general corporate purposes.
Navidea is a Dublin, Ohio-based biomedical company focused on precision diagnostic radiopharmaceuticals to help identify sites and pathways of undetected disease.
| Issuer: | Navidea Biopharmaceuticals, Inc.
|
| Issue: | Units of one common share and a warrant for 0.3 shares
|
| Amount: | $30 million
|
| Units: | 10,563,381
|
| Price: | $2.84
|
| Warrants: | One warrant for 0.3 shares per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $3.83
|
| Agent: | JMP Securities LLC
|
| Investor: | Crede CG III, Ltd.
|
| Settlement date: | Sept. 24
|
| Stock symbol: | NYSE: NAVB
|
| Stock price: | $2.86 at close Sept. 23
|
| Market capitalization: | $336.59 million
|
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