By Sabela Ojea
Shares of Navidea Biopharmaceuticals on Friday jumped after the company said it received $7.5 million in cash from Cardinal Health 414 after both parties amended a prior asset-purchase agreement.
At 3:01 p.m. ET, Navidea shares were up 21%, at 9 cents.
The cash payment from Cardinal Health 414 provides immediate capital for Navidea Biopharmaceuticals’ phase 2b and Phase 3 trials and related operations, the company said.
In 2016, Cardinal Health 414 purchased Navidea’s Lymphoseek injection for lymphatic mapping, lymph node biopsy and the diagnosis of metastatic spread to lymph nodes for the staging of cancer in North America.
Following the $7.5 million payment, Navidea has waived its right to receive any contingent milestone payment.
Write to Sabela Ojea at [email protected]
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