Navidea Biopharmaceuticals Obtains Partial Dismissal of Claims in New York
31 December 2019 - 9:19AM
Business Wire
Navidea Biopharmaceuticals, Inc. (NYSE American: NAVB)
(“Navidea” or the “Company”), a company focused on the development
of precision immunodiagnostic agents and immunotherapeutics, today
announced that on December 26, 2019, the United States District
Court, Southern District of New York (the “Court”) ruled on several
motions related to Navidea and its majority-owned subsidiary,
Macrophage Therapeutics, Inc. (“MT”) and Dr. Michael Goldberg that
substantially limited the claims that Dr. Goldberg can pursue
against Navidea and MT.
The Court found that certain portions of Dr. Goldberg’s
counterclaims against Navidea and third-party claims against
Macrophage failed to state a claim upon which relief can be
granted. Specifically, the Court ruled that actions taken by
Navidea and MT, including reconstituting the MT Board, replacing
Dr. Goldberg with Jed A. Latkin as Chief Executive Officer of MT,
terminating the sublicense between Navidea and MT, terminating
certain research projects, and allowing MT intellectual property to
revert back to Navidea, were not breaches of an August 2018
Agreement between Navidea, MT and Dr. Goldberg.
The Court also rejected Dr. Goldberg’s claim for wrongful
termination as Chief Executive Officer of MT. In addition, the
Court found that Dr. Goldberg lacked standing to seek injunctive
relief to force the removal of Dr. Claudine Bruck and Michael Rice
from MT’s Board of Directors, to invalidate all actions taken by
the MT Board on or after November 29, 2018 (the date upon which Dr.
Bruck and Mr. Rice were appointed by Navidea to the Board of MT),
or to reinstate the terminated sublicense between Navidea and
MT.
In addition, the Court found Navidea’s breach of fiduciary duty
claim against Dr. Goldberg for conduct occurring more than three
years prior to the filing of the complaint to be time-barred and
that Dr. Goldberg is entitled to an advancement of attorneys’ fees
solely with respect to that claim.
The Court stated that both Navidea and Dr. Goldberg may file
motions for leave to amend by January 31, 2020.
About Navidea Biopharmaceuticals
Navidea Biopharmaceuticals, Inc. (NYSE American: NAVB) is a
biopharmaceutical company focused on the development of precision
immunodiagnostic agents and immunotherapeutics. Navidea is
developing multiple precision-targeted products based on its
Manocept™ platform to enhance patient care by identifying the sites
and pathways of disease and enable better diagnostic accuracy,
clinical decision-making, and targeted treatment. Navidea’s
Manocept platform is predicated on the ability to specifically
target the CD206 mannose receptor expressed on activated
macrophages. The Manocept platform serves as the molecular backbone
of Tc99m tilmanocept, the first product developed and
commercialized by Navidea based on the platform. Navidea’s strategy
is to deliver superior growth and shareholder return by bringing to
market novel products and advancing the Company’s pipeline through
global partnering and commercialization efforts.
For more information, please visit www.navidea.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. We have based these forward-looking statements largely on
our current expectations and projections about future events and
financial trends affecting the financial condition of our business.
Forward looking statements include our expectations regarding
pending litigation and other matters. These forward-looking
statements are subject to a number of risks, uncertainties and
assumptions, including, among other things: our history of losses
and uncertainty of future profitability; the final outcome of any
pending litigation (including the case described above); our
ability to successfully complete research and further development
of our drug candidates; the timing, cost and uncertainty of
obtaining regulatory approvals of our drug candidates; our ability
to successfully commercialize our drug candidates; dependence on
royalties and grant revenue; our ability to implement our growth
strategy; anticipated trends in our business; our limited product
line and distribution channels; advances in technologies and
development of new competitive products; our ability to comply with
the NYSE American continued listing standards; our ability to
maintain effective internal control over financial reporting; and
other risk factors detailed in our most recent Annual Report on
Form 10-K and other SEC filings. You are urged to carefully review
and consider the disclosures found in our SEC filings, which are
available at http://www.sec.gov or at http://ir.navidea.com.
Investors are urged to consider statements that include the
words “will,” “may,” “could,” “should,” “plan,” “continue,”
“designed,” “goal,” “forecast,” “future,” “believe,” “intend,”
“expect,” “anticipate,” “estimate,” “project,” and similar
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comparable words, to be uncertain forward-looking statements.
You are cautioned not to place undue reliance on any
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information, future events or otherwise after the date of this
report. In light of these risks and uncertainties, the
forward-looking events and circumstances discussed in this report
may not occur and actual results could differ materially from those
anticipated or implied in the forward-looking statements.
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Navidea Biopharmaceuticals, Inc. Jed Latkin, CEO 614-973-7490
jlatkin@navidea.com
PCG Advisory, Inc. Adam Holdsworth 646-862-4607
adamh@pcgadvisory.com
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