Navidea Biopharma Divests NAV5001 To Alseres Pharma - Quick Facts

(RTTNews) - Navidea Biopharmaceuticals, Inc. (NAVB, NEOP) announced the company has entered into an agreement with Alseres Pharmaceuticals, Inc. to terminate the sub-license agreement for research, development and commercialization of NAV5001, an agent in Phase 3 clinical development for early detection of Parkinson's disease. Navidea will transfer the NAV5001 IND, all data, clinical materials, regulatory files (including the Special Protocol Assessment agreements), patents, know-how, and other assets covering the clinical testing of the NAV5001 to Alseres. Rick Gonzalez, CEO of Navidea, stated: "As part of the a strategic realignment that began in early 2014, we have re-focused our resources on the Manocept platform, specifically, commercialization of Lymphoseek and development of immuno-oncology therapeutics targeting activated and tumor-associated macrophages implicated in cancer. Divesting NAV5001 is consistent with this strategy, and substantially reduces Navidea's R&D expense obligations."

In consideration for the rights granted to Alseres, Navidea will receive a milestone payment in connection with NAV5001's NDA approval by the U.S. FDA and a royalty on subsequent net sales of NAV5001.