Radiopharmaceutical developer Navidea Biopharmaceuticals has released its financial results for the fourth quarter and fiscal year 2013.
For the quarter (end-December 31), the company reported revenues of $535,000, compared with $7,000 the previous year. Navidea also reported a net loss of $13.8 million for the fourth quarter, compared with $7.2 million in the same quarter of 2012.
For fiscal year 2013, Navidea had revenues of $1.1 million, compared with $79,000 in 2012; revenues consisted of $614,000 in sales of Lymphoseek following its approval in the first quarter of 2013 and initial launch in the second quarter of 2013, and $516,000 from various federal and state grants, the company said. Navidea's net loss for the year was $42.7 million, compared with $29.2 million for 2012.
In other Navidea news, the company has closed a $30 million loan with Oxford Finance of Alexandria, VA. The funds will be used to support the commercialization of Lymphoseek and to advance Navidea's clinical pipeline.
