Dallas, Texas 02/03/2014 (FINANCIALSTRENDS) – The The $213 million market capped drug maker Navidea Biopharmaceuticals, Inc. (NYSE:NAVB) announced earlier this month that it has entered into a distribution agreement with Taiwan based firm Global Medical Solutions Taiwan, Ltd. (GMST) for its lead product “Lymphoseek® (technetium Tc 99m tilmanocept)”. The Taiwanese firm is a leader in the distribution of “of nuclear medicine and diagnostic imaging products” in Taiwan and will offer the OH based drug maker complete access to the huge markets of Taiwan and China. This expansion into Taiwan comes on the back its recent expansion into the fast growing markets of Middle East and Canada.
Commenting about the tie up with Global Medical Solutions Taiwan, Ltd., Navidea Biopharmaceuticals, Inc. (NYSE:NAVB), President and Chief Business Officer Dr. Thom Tulip, PhD, has been quoted to have said that, “We are pleased to have signed our first distribution agreement for Lymphoseek in Asia with GMST. GMST provides important sales, marketing and distribution capabilities for Lymphoseek in the Taiwan market as well as providing the support needed to gain regulatory clearance in Taiwan. We believe Asia is a significant market for Lymphoseek, and Taiwan represents an important first presence as we introduce the product into the Asian communities.”
He also added that these new developments are a continuation of their efforts at building on their expansion into U.S and Europe. With respect to future road map, Navidea Biopharmaceuticals, Inc. (NYSE:NAVB) Chief Executive Officer Dr. Mark Pykett, VMD, PhD, indicated that they would aggressively pursue additional new markets in the short to medium term and hopes to occupy a pivotal position as a supplier of precision diagnostic equipment supplier for the globe.
The drug maker boasts of revenue of $0.2 million over the trailing 12 months and seen its revenue grow by 225 percent in the past quarter. It has accumulated net loss of $36 million in the past 12 months.