Radiopharmaceutical developer Navidea Biopharmaceuticals has released its financial results for the fourth quarter and 2014 fiscal year.
For the quarter (end-December 31), the company reported revenues of $2.2 million, compared with $535,000 the previous year. These revenues consisted of 1.5 million in sales of Lymphoseek and $738,000 from various federal grants and other revenue. Navidea also reported a net loss of $4.5 million, compared with $13.1 million for the same period in 2013.
For fiscal 2014, Navidea reported revenues of $6.3 million, compared with $1.1 million in 2013. These revenues consisted of $4.2 million in sales of Lymphoseek, $300,000 from business development milestones, and $1.7 million from various federal grants and other revenue, the company said. Navidea's net loss for the year was $27.6 million, compared with $38.4 million in 2013.
In other news, the company announced it has signed a commercialization and distribution deal with Dutch pharmaceutical company Norgine for its Lymphoseek 250 microgram kit.
Under terms of the agreement, Navidea will supply Norgine with Lymphoseek, but it will transfer responsibility for regulatory maintenance of the agent's marketing authorization to Norgine. Norgine will also be responsible for pricing, reimbursement, sales and marketing, and medical affairs for the European Union. Navidea will receive an upfront payment of $2 million and is eligible to receive additional milestone payments up to $5 million, as well as royalties on European net sales, the company said.
