Navidea Biopharmaceuticals Inc. (NYSEMKT:NAVB): Reports 3Q13 and Year-to-Date Results


Dallas, Texas 11/11/2013 (Financialstrend) – A precision diagnostic radio-pharmaceuticals focused, Navidea Biopharmaceuticals Inc. (NYSEMKT:NAVB) announced 3Q13 financial results for period ended September 30, 2013. The company reported net loss of $11.3 million or $0.09 per share for 3Q13 that compares with net loss of $9.1 million or $0.09 per share for 3Q12. Year to date net loss for period ended September 30, 2013 was $28.9 million or $0.25 per share which compares with net loss of $22.0 million or $0.23 per share for the same nine months period of prior year ended September 30, 2012.

Navidea reported revenue of $400,000 for 3Q13 as compared with no revenue for 3Q12 and revenue of $596,000 for first nine months period of FY13 as compared with revenue of $72,000 for the same period in FY12. The revenue for FY13 comprised of $256,000 from various federal and state grants as well as $144,000 mainly from the procedural sale of Lymphoseek. The increase in procedural revenue was driven by increased unit dose sales by 600% during 3Q13 compared to 2Q13.

Navidea reported marginal increase in its Research and Development expenses for 3Q13 at $6.3 million as compared to $6.1 million for 3Q12. The net increase of $151,000 was largely incurred on NAV-4694 product development costs, compensation and other related costs as well as Manocept platform product development costs. The increase in expenditure was partly offset by decreased product development costs related to Lymphoseek, NAV5001 and potential pipeline products. For nine months period R&D expenses were $14.3 million in FY13 as compared with $12.5 million for FY12.

Selling, General and Administrative expenses were $4 million for 3Q13 and $11.5 million for nine months period as compared to $2.9 million and $8.5 million for the same periods of FY12. Other expenses were $1.4 million for 3Q13 and $3.6 million for nine months period as compared with $29,000 and $960,000 for the same periods in FY12.

The company reported total cash of $44.6 million as at September 30, 2013.

The stock of Navidea Biopharmaceuticals surged 9.3% on Friday and closed at $1.53.

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