Radiopharmaceutical developer Navidea Biopharmaceuticals has completed an initial draw of $2 million from its line of credit with Platinum-Montaur Life Sciences.
Navidea said the company intends to access funding as needed to maintain a strong balance sheet to support its development programs and to prepare for commercialization of its Lymphoseek radiopharmaceutical.
The $2 million draw is part of an initial $15 million Navidea can draw on at any time as the first part of the overall line. Montaur has also committed to providing an additional $20 million upon approval of Lymphoseek, with an additional $15 million potentially available on terms to be negotiated, Navidea said.
