BioCentury
ARTICLE | Financial News

Navidea takes $60M loan

May 14, 2015 1:56 AM UTC

Navidea Biopharmaceuticals Inc. (NYSE-M: NAVB) said it will receive a loan of up to $60 million from CRG, including an initial $50 million at closing. Navidea plans to retire its debt from Oxford Finance LLC and commercialize imaging agent Lymphoseek tilmanocept, a radioisotope technetium-99m that binds to mannose binding receptor ( MBR; CD206) proteins on the surface of immune cells. FDA approved the agent in 2014.

The initial loan has a six-year term, including an interest-only period for the first four years, and a 14% annual interest rate. ...