Navidea Biopharmaceuticals, Inc. Rejects Unsolicited Offer To Acquire Certain Assets

Navidea Biopharmaceuticals, Inc. (NYSE American: NAVB) (“Navidea” or the “Company”), a company focused on the development of precision immunodiagnostic agents and immunotherapeutics, today announced the Company’s Board of Directors, in consultation with G2G Ventures as Executive Consultants, has unanimously rejected an unsolicited, non-binding offer from ProPhase Labs to acquire certain assets from the Company on the terms disclosed in their press release on June 29, 2023.

“After careful review and consideration of ProPhase Labs’ unsolicited proposal, our Board determined that the proposal substantially undervalues Navidea’s assets, is opportunistic, and is not in the best interest of our stockholders,” said Josh Wilson, Navidea’s Director. “While we certainly understand and are appreciative of the interest in Navidea’s unique technologies, the Board is confident that the Company’s stated objectives and its Fix, Fund, Propel approach to advancing our innovations to market will generate far superior long-term value for stockholders.”

The Company, with G2G Ventures as Executive Consultants, recently announced the receipt of $7.5 million cash from Cardinal Health in lieu of a contingent milestone payment, and provided additional insight on its recent performance in line with its Fix, Fund, Propel approach.

About Navidea

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 Tc99m tilmanocept, the first product developed and commercialized by Navidea based on the platform. 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, visit www.navidea.com.