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Navidea diagnostic news

June 2, 2014 7:00 AM UTC

Navidea said it will decrease investment in two clinical imaging agents to reduce cash burn rate while it focuses resources on ramping up sales for imaging agent Lymphoseek tilmanocept. The company will seek partners for NAV4694 (formerly AZD4694) and NAV5001. The company declined to provide details on revenue or cash burn projections. At March 31, Navidea had $26 million in cash and a three-month operating loss of $8.6 million. Navidea reported a 2013 operating loss of $38.4 million.

In May 2013, Navidea and Cardinal Health Inc. (NYSE:CAH, Dublin, Ohio) launched Lymphoseek in the U.S. for use in intraoperative lymphatic imaging in breast cancer and melanoma patients. The product is the first from Navidea's Manocept platform, which is a linear chain-like chassis targeting mannose binding receptor ( MBR; CD206) with multiple linker sites. Two sNDAs for Lymphoseek are under FDA review: one for sentinel lymph node detection in patients with head and neck cancer, with a June 16 PDUFA date; and the other to support broader and more flexible use in imaging and lymphatic mapping procedures, with an Oct. 16 PDUFA date. Navidea recorded Lymphoseek net sales of $626,631 in 1Q14 and $614,000 in 2013. The company projects Lymphoseek revenue of $5-$6 million in 2014. ...