BioCentury
ARTICLE | Company News

Alseres, Navidea deal

January 30, 2012 8:00 AM UTC

Alseres granted Navidea an option to license exclusive, worldwide rights to imaging agent Altropane by June 30. Alseres received $500,000 for the option and could receive an additional $250,000 if Navidea extends the option to July 31. In the interim, Navidea will perform due diligence and the parties will finalize the license agreement. Under the preliminary terms of the license, if Navidea exercises the option, Alseres will receive 400,000 shares of Navidea common stock and would be eligible for $3 million and about 1.1 million shares in milestone payments, plus royalties. The 400,000 shares are valued at $1.1 million based on Navidea's close of $2.70 on Jan. 25, before the deal was announced. ...