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Navidea Biopharmaceuticals Closes $30 Million Loan with Oxford Finance, LLC


Navidea Biopharmaceuticals, Inc. (NYSE MKT: NAVB), a biopharmaceutical company focused on precision diagnostic radiopharmaceuticals, today announced that it has closed a $30 million non-dilutive loan transaction with Oxford Finance LLC ("Oxford"). The loan funds will be used to support Lymphoseek(R) commercialization activities, advance the Company's clinical pipeline, accelerate certain development programs, repay certain of the Company's existing outstanding indebtedness and provide for other general corporate purposes. Navidea believes the Oxford loan provides enhanced working capital with no balance sheet restrictions or covenants, lowers the interest rate and lengthens the interest-only period on the Company's debt, and augments the Company's financial flexibility at a critical time in its growth.

"The agreement with Oxford Finance is very timely, providing capital that enables us to continue to pursue important opportunities, first and foremost Lymphoseek growth, and which can be deployed against a number of newer initiatives with our pipeline programs, including accelerated efforts with NAV4694 in patients with mild cognitive impairment and with our Manocept(TM) platform," stated Mark Pykett, Navidea Chief Executive Officer.

The funding of $30 million, which closed on March 4, 2014, is in the form of five-year senior secured term loan facility and bears interest at a coupon rate of 8.50%. The Note includes an initial interest-only period of one year, extendable to three years on achievement of certain milestones. In addition, Navidea issued Oxford warrants for the purchase of 391,000 shares of common stock at an exercise price of $1.92 per share. In connection with the Oxford financing, the Company also announced certain amendments to the Company's existing line of credit currently in place with Platinum-Montaur Life Sciences LLC that allow this facility to remain in place under its current terms in a subordinated role to the Oxford Note.

"We are pleased to have executed this loan transaction with Oxford Finance, a valuable partner and leading provider of non-dilutive capital to the healthcare industry," commented Brent Larson, Navidea's Executive Vice President and Chief Financial Officer. "This loan offers us a facility with a lower interest rate and provides us with greater access to the capital resources already on our balance sheet."

"Navidea has an impressive portfolio of precision diagnostics aimed at aiding patients and their physicians who are seeking accurate diagnosis, " said Christopher A. Herr, Managing Director for Oxford Finance. "We are pleased to offer financial support to a company such as Navidea as it grows its product revenues and advances more innovative products to market."

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