Why Shares of Navidea Biopharmaceuticals Inc (NAVB) Are Surging 25%
It’s been a good day for shareholders of tiny-size biotech company Navidea Biopharmaceuticals Inc (NYSEAMERICAN:NAVB). Shares of Navidea spiked sharply Friday after the company announced the execution of a non-binding letter of intent with CerveauTechnologies sub-licensing the worldwide rights to conduct research using NAV4694, a beta-amyloid imaging agent being evaluated as an aid in the differential diagnosis of early-onset Alzheimer’s disease, as well as an exclusive license for the development and commercialization of NAV4694 in Australia, Canada, China, and Singapore.
As of this writing, Navidea shares are up nearly 25% to $0.53. NAVB has a 1-year high of $1.16 and a 1-year low of $0.29. The stock’s 50-day moving average is $0.41 and its 200-day moving average is $0.45.
Back in June, Navidea announced that it has entered into an exclusive license and distribution agreement with Sayre Therapeutics for the development and commercialization of Tc 99m tilmanocept in India. Under the terms of the agreement, Navidea received an upfront payment and is eligible to receive upcoming milestone payments and double-digit royalties associated with the sale of Tc 99m tilmanocept in India.
In addition, the company announced on June 12 that its European commercial partner, SpePharm AG, launched LYMPHOSEEK® (technetium TC 99m tilmanocept), originally developed by Navidea, in Denmark, the Netherlands and the UK. Navidea entered into an exclusive sublicense agreement with SpePharm, in exchange Navidea received an upfront payment, milestone payments and will receive royalties on all European net sales. The territory covered by the agreement includes all 28 member states of the European Economic Union.
Navidea engages in the development and commercialization of precision immunodiagnostic agents and immunotherapeutic. It is developing multiple precision-targeted products based on their manocept platform to help identify the sites and pathways of undetected disease and enable better diagnostic accuracy, clinical decision-making, targeted treatment and, ultimately, patient care. The company operates through the following segments: Diagnostics, Therapeutics, and Corporate.