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May 15, 2014
16:37 EDTNAVBNavidea refocuses resources to align funding of pipeline, names interim CEO
The Board of Directors of Navidea Biopharmaceuticals announced that it is refocusing the company's resources to better align the funding of the pipeline programs with the expected growth in Lymphoseek revenue. To facilitate the refocusing effort, the Board has asked Michael Goldberg, M.D. to serve as interim CEO while a search for a new CEO is conducted. The Navidea Board believes that the market is not currently giving appropriate value to its Phase III pipeline products and is likely penalizing the company for allocating resources to these exciting programs. The company is also working to establish new sources of non-dilutive funding, including collaborations that can augment the balance sheet as the company works to reduce spending to levels that can be more closely offset by growing Lymphoseek revenue. In particular, substantial progress on the Manocept platform has resulted in some very exciting partnering opportunities that will further expand the company's pipeline while requiring much less funding than the two ongoing Phase III programs. Dr. Mark Pykett has agreed to step down from the CEO position, effective on or about May 31, to work full time on maximizing the potential of the Manocept program. Dr. Pykett will also continue to serve as a Director of Navidea until the 2014 Annual Meeting. Navidea remains committed to expanding the Lymphoseek label and realizing the full potential of the product. It intends to work closely with its partners to continue the strong growth of this important product. The company believes that the resources being devoted to drive Lymphoseek sales will eventually provide returns to the point where developmental stage programs can be substantially funded from cash flow from operations. The company is focused on expanding the market for Lymphoseek in all relevant markets. To this end, the Compensation, Nominating and Governance Committee of the Board of Directors has initiated a search for a CEO who will bring experience in global product sales, especially related to expanding the market for commercial products.
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October 30, 2014
07:38 EDTNAVBNavidea announces presentation of Lymphoseek studies results
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