Navidea Pharmceutical (NAVB), updated 3/29/17

A new beginning for Navidea Pharmaceutical

On February 22, 2017, NSVB agreed to pay $59 million to CRG as part of the “Settlement Amount” in a long battled lawsuit between CRG ( made up of Capital Royalty Partners II L.P., as Secured Party and as Control Agent, Capital Royalty Partners II – Parallel Fund “A” L.P., as Secured Party, and Parallel Investment Opportunities Partners II L.P., as Secured Party )
The payment were structured as below:
 $56 million will be paid by the Company out of the cash proceeds of the Transaction, and 
Cardinal Health 414 will prepay $3 million in guaranteed earnout payments that would have otherwise been payable in the third year after closing of the Transaction.
With the lawsuit behind it,   Lymphoseek® product (for lymphatic mapping, lymph node biopsy and the diagnosis of metastatic spread to lymph nodes for the staging of cancerin North America) was sold to Cardinal Health, on 3/3/17, for $83 million  and may receive up to $227 million of contingent consideration based on milestones through 2026, with $17.1 million of that amount guaranteed over the next three years.
Cardinal Health will license a portion of the acquired intellectual property back to Navidea to allow Navidea to develop and sell new immunodiagnostic and immunotherapeutic products for other indications in North America, and to produce and sell Lymphoseek, ex US.

Post sale, Navidea will have $15.6 million in cash and $3.3 million in payables.  A large portion of the payables is tied to the 4694 program which is planned to be divested in the near future.

From the Q4, 2016 financial filing released on 3/29/17;
Current focus is on imaging and therapeutic product candidates are based on the same drug delivery system that targets activated macrophages.
Two delivery systems, subcutaneous and IV, has show feasibility in humans.
Additional oral delivery approach for animals is under investigation.

Disease targets currently under investigation are
Rheumatoid Arthritis
Atherosclerosis
Zika, 
Dengue, 
Human immunodeficiency virus ("HIV"), 
Human herpesvirus 8 ("HHV8")
Leishmaniosis