Navidea Biopharmaceuticals, Inc. Reports First Quarter 2023 Financial Results and Provides Business Update

Navidea Biopharmaceuticals, Inc. (NYSE American: NAVB) (“Navidea” or the “Company”), a company focused on the development of precision immunodiagnostic agents and immunotherapeutics, today announces, in line with the Company’s Fix, Fund, Propel approach, details related to recently reported financial results for its first quarter ended March 31, 2023 and provides a business update.

Fix, Fund, Propel - First Quarter 2023 and Additional Business Highlights

Supported by G2G Ventures, executive consultants to Navidea, the Company’s stated Fix, Fund, Propel framework to implement change initiatives which drive effective processes, improve liquidity, and create growth made headway in the first quarter of 2023, and continue to do so into the second quarter.

• (Fix) In March, the Company entered into a Consulting Services Agreement with G2G Ventures, the executive director of which is Joshua Wilson, a director of the Company. Under the agreement, G2G will provide executive-level support services to the Company.
• (Fix) In the first quarter of 2023, Selling, general and administrative expenses were down 36% compared to the same period in 2022.
• (Fix) Dr. Michael Rosol stepped down as Chief Medical Officer in April, while continuing in a consultative role, and Michael Blue, M.D., FACEP was promoted to Chief Medical Officer to lead the continued development of the Company’s initiatives in innovative diagnostics and therapeutics, and advance the Company’s NAV3-32 and NAV3-33 clinical trials to completion.
• (Fix) Jill Bieker Stefanelli, Ph.D. joined the Company’s Board of Directors, adding deep experience developing and advancing precision medicine products in line with Navidea’s objective to advance innovative technology to market. Separately, Alexander L. Cappello stepped down from the Board.
• (Fix) The Company promoted Simon Alder Blackburn, CCRA to Associate Director of Clinical Research and Operations, reporting to CMO, and with responsibility for supervising providers and recommending and implementing product development, corporate strategy, and marketing initiatives.
• (Fix) Enrollment into the Company’s NAV3-33 Phase 3 trial in rheumatoid arthritis (“RA”) titled “Evaluation of Tc 99m Tilmanocept Imaging for the Early Prediction of Anti-TNFα Therapy Response in Patients with Moderate to Severe Active Rheumatoid Arthritis” continues its momentum.
• (Fund) In April, John K. Scott Jr agreed to loan the Company up to $300,000 under the terms of a secured bridge note to support the Company’s operations.
• (Fund) In April, the Company entered into a Common Stock Purchase Agreement with Keystone Capital Partners, LLC whereby Keystone committed to purchase up to $2,750,000 of shares of the Company’s common stock.
• (Fund) In May, the Company announced the sale of $1.1 million in preferred shares to two investors, providing additional capital to advance the Company’s NAV3-32 and NAV3-33 clinical trials toward completion.
• (Fund/Propel) In April, the Company entered into an Asset Purchase Agreement with Meilleur Technologies, Inc., pursuant to which Meilleur agreed to acquire certain assets and assume certain liabilities of the Company relating to its business of developing and commercializing PET biomarkers for Alzheimer’s Disease. As part of the purchase, Meilleur paid a cash payment of $250,000 to the Company at closing and agreed to make a cash payment of $500,000 to the Company within 60 days after the closing date. In addition, certain future payments may be made to the Company, including contingent payments and milestone payments based on potential licensing events, regulatory submissions, regulatory approvals, and net sales of any approved product derived from the purchased business.

“I remain confident Navidea’s transformative technology holds the potential to improve lives around the world,” said Dr. Michael Blue, Chief Medical Officer of Navidea. “Our team of experts, with G2G’s support, are making great progress on the changes required to place our innovative solutions in the hands of those who need them most.”