Radiopharmaceutical developer Navidea Biopharmaceuticals said it has been accepted by the U.S. National Institutes of Health (NIH) Commercialization Accelerator Program (CAP) for 2018-2019. The firm also announced it has raised $3 million in a private placement.
Navidea was selected for CAP after it successfully completed a Small Business Innovation Research (SBIR) Fast-Track grant from the NIH, titled "99mTc-Tilmanocept for Targeting Rheumatoid Arthritis (RA)-Driving Macrophages," according to the vendor. The company has been assigned to the Advanced Commercialization Track of CAP, which is designed to facilitate and accelerate the commercial success of SBIR-funded commercialization projects.
Beginning in October and running for nine months, the program will provide technical support for the company's RA imaging-related commercialization initiative, Navidea said. The firm expects that the program will facilitate contacts with other potential collaborators and partners, as well as potential investors.
In other company news, Navidea has closed a $3 million private placement with John K. Scott Jr., an existing investor. The company received aggregate gross proceeds of $3 million in exchange for 18.3 million shares of common stock -- representing approximately 10% of the company's common stock -- at $0.001 per share. Navidea said it will use the proceeds for general working capital purposes, including but not limited to research and development and other operating expenses.
