Offer also includes warrant for 391,000 shares, exercisable at $1.92
By Devika Patel
Knoxville, Tenn., March 6 - Navidea Biopharmaceuticals, Inc. said it settled a $30 million 8.5% five-year senior secured term loan facility with Oxford Finance LLC on March 4.
Oxford also received warrants for 391,000 shares, which are each exercisable at $1.92. The strike price reflects a 1.59% premium to the March 3 closing share price of $1.89.
Proceeds will be used for Lymphoseek commercialization activities, to advance the company's clinical pipeline, for development programs, to repay debt and for 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: | Senior secured term loan facility
|
| Amount: | $30 million
|
| Maturity: | Five years
|
| Coupon: | 8.5%
|
| Call: | Yes
|
| Warrants: | For 391,000 shares
|
| Warrant strike price: | $1.92
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| Investor: | Oxford Finance LLC
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| Settlement date: | March 4
|
| Stock symbol: | NYSE: NAVB
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| Stock price: | $1.89 at close March 3
|
| Market capitalization: | $266.11 million
|
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