DUBLIN, Ohio--(BUSINESS WIRE)--Navidea Biopharmaceuticals, Inc. (NYSE American: NAVB) (“Navidea” or the “Company”), a company focused on the development of precision immunodiagnostic agents and immunotherapeutics, announced today acceptance into the National Institutes of Health (“NIH”) Commercialization Accelerator Program (“CAP”) 2018-2019.
The Company was selected for CAP due to its successful completion of a Small Business Innovation Research (“SBIR”) Fast Track grant from the NIH (grant number R44 AR067583-01A1; Frederick Cope, PI) entitled 99mTc-Tilmanocept for Targeting Rheumatoid Arthritis (“RA”)-Driving Macrophages. Navidea has been assigned to the Advanced Commercialization Track (“ACT”) of CAP.
CAP is designed to facilitate and accelerate the commercial success of SBIR-funded commercialization projects. Navidea will participate in CAP for nine months beginning in October 2018, during which the program will provide technical support for Navidea’s RA imaging-related commercialization initiative and is expected to facilitate establishment of contacts between Navidea and potential corporate collaborators and partners and between Navidea and potential investors.
“Navidea is pleased and honored to have been selected for the highly competitive CAP program,” said Mr. Jed A. Latkin, Chief Executive Officer of Navidea. “Selection in this program reflects the strength of our team and an opportunity for our novel pipeline of diagnostics. I expect that participation in the program will provide the Company with non-dilutive assistance to advance our RA program and will increase Navidea’s exposure to industry players and potential investors. We look forward to working with the CAP network to develop a comprehensive marketing strategy, which has the potential to propel Navidea towards commercial success.”
Navidea Biopharmaceuticals, Inc. (NYSE American: NAVB) is a biopharmaceutical company focused on the development of precision immunodiagnostic agents and immunotherapeutics. Navidea is developing multiple precision-targeted products based on its Manocept™ platform to enhance patient care by identifying the sites and pathways of disease and enable better diagnostic accuracy, clinical decision-making, and targeted treatment. Navidea’s Manocept platform is predicated on the ability to specifically target the CD206 mannose receptor expressed on activated macrophages. The Manocept platform serves as the molecular backbone of Tc 99m tilmanocept, the first product developed and commercialized by Navidea based on the platform. The development activities of the Manocept immunotherapeutic platform are being conducted by Navidea in conjunction with its subsidiary, Macrophage Therapeutics, Inc. Navidea’s strategy is to deliver superior growth and shareholder return by bringing to market novel products and advancing the Company’s pipeline through global partnering and commercialization efforts.
For more information, please visit www.navidea.com.
This release and any oral statements made with respect to the information contained in this release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include those relating to the Company’s participation in CAP, its growth and exposure to industry participants, its marketing strategy, its potential for commercial success, and ability to establish contacts with potential collaborators, partners, and investors. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends affecting the financial condition of our business. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including, among other things: general economic and business conditions, both nationally and in our markets; our history of losses and uncertainty of future profitability; the final outcome of the CRG litigation in Texas; our ability to successfully complete research and further development of our drug candidates; the timing, cost and uncertainty of obtaining regulatory approvals of our drug candidates; our ability to successfully commercialize our drug candidates; our expectations and estimates concerning future financial performance, financing plans and the impact of competition; our ability to raise capital sufficient to fund our development and commercialization programs; our ability to implement our growth strategy; anticipated trends in our business; advances in technologies; and other risk factors and detailed in our most recent Annual Report on Form 10-K and other SEC filings. You are urged to carefully review and consider the disclosures found in our SEC filings, which are available at www.sec.gov or at http://ir.navidea.com.
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