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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of
The
Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): June 29, 2023
PROPHASE
LABS, INC.
(Exact
name of Company as specified in its charter)
Delaware |
|
000-21617 |
|
23-2577138
|
(State
or other jurisdiction
of
incorporation) |
|
(Commission
File
Number) |
|
(I.R.S.
Employer
Identification
No.) |
711
Stewart Avenue, Suite 200
Garden
City, New York |
|
11530 |
(Address
of principal executive offices) |
|
(Zip
Code) |
Registrant’s
telephone number, including area code: (215) 345-0919
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Company under any
of the following provisions (see General Instruction A.2. below):
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
Registered Pursuant to Section 12(b) of the Exchange Act:
Title
of Each Class |
|
Trading
Symbol |
|
Name
of Each Exchange on Which Registered |
Common
Stock, par value $0.0005 |
|
PRPH |
|
Nasdaq
Capital Market |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
7.01 Regulation FD.
On
June 29, 2023, ProPhase Labs, Inc. (the “Company”) issued a press release announcing an offer made by the Company to Navidea
Biopharmaceuticals, Inc. (“Navidea”) to purchase certain assets of Navidea. A copy of this press release is furnished as
Exhibit 99.1 to this Current Report on Form 8-K.
The
information included in Item 7.01 of this Current Report on Form 8-K and Exhibit 99.1 shall not be deemed “filed” for purposes
of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be incorporated by reference in any registration statement
filed under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated by reference therein.
Item
9.01 Financial Statements and Exhibits.
(d)
Exhibits
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
|
ProPhase
Labs, Inc. |
|
|
|
By: |
/s/
Robert Morse Jr. |
|
|
Robert
Morse Jr. |
|
|
Chief
Financial Officer |
Date:
June 29, 2023
Exhibit
99.1
Navidea
Biopharmaceuticals Rejects ProPhase Labs Offer To Acquire Certain Assets of Navidea
Garden
City, NY, June 29, 2023 (GLOBE NEWSWIRE) — ProPhase Labs, Inc. (NASDAQ: PRPH) (“ProPhase”), a next generation biotech,
genomics and diagnostics company, today announced that it recently made an unsolicited offer to acquire certain assets from NYSE American
listed Navidea Biopharmaceuticals, Inc. (“Navidea”), and that the offer was rejected by Navidea.
On
June 8, 2023, ProPhase submitted to Navidea a written, non-binding offer to purchase a portion of the assets of Navidea. Prophase offered
a purchase price of either: (i) $7 million, if paid in cash, or alternatively, (ii) $9.1 million, if paid in shares of common stock,
par value $0.0005 per share, of ProPhase (“ProPhase Stock”). ProPhase advised Navidea that it would be amenable to a purchase
price paid in a combination of cash and ProPhase Stock.
The
cash offer was equivalent to over two times the then-current market cap of Navidea or almost three times the current market capitalization
of Navidea in ProPhase Stock. Furthermore, the offer would have left Navidea with other assets of Navidea such as the current
and future milestone payments, the majority of the therapeutic assets, the cardiovascular products, and any territories Lymphoseek assets
are already committed to.
On
June 16, 2023, Navidea informed ProPhase that the board of directors of Navidea flatly rejected the offer. Navidea did not make a counteroffer
and did not seek to engage in any further discussions with Prophase.
ProPhase
made this offer because ProPhase believes that it has the infrastructure, platform, distribution and capital needed to successfully develop
the targeted Navidea assets. ProPhase included the opportunity for Navidea to take some or all of the transaction value in ProPhase Stock,
so that Navidea could share in the upside from the development of the Navidea assets by ProPhase, as well as participate in the upside
from ProPhase’s already-successful lines of business.
“We
feel that the offer we made was and is in the best interests of Navidea and all of its shareholders,” commented Ted Karkus, ProPhase
Lab’s Chief Executive Officer. “ProPhase is always open to opportunities to acquire and develop interesting additional assets
to leverage its existing biotech, genomics and diagnostics subsidiaries.”
About
ProPhase Labs
ProPhase
Labs, Inc. (Nasdaq: PRPH) (“ProPhase”) is a next-generation biotech, genomics and diagnostics company. Our goal is to create
a healthier world with bold action and the power of insight. We’re revolutionizing healthcare with industry-leading Whole Genome
Sequencing solutions, while developing potential game changer diagnostics and therapeutics in the fight against cancer. This includes
a potentially life-saving cancer test focused on early detection of esophageal cancer and potential breakthrough cancer therapeutics
with novel mechanisms of action. Our world-class CLIA labs and cutting-edge diagnostic technology provide wellness solutions for healthcare
providers and consumers. We develop, manufacture, and commercialize health and wellness solutions to enable people to live their best
lives. We are committed to executional excellence, smart diversification, and a synergistic, omni-channel approach. ProPhase Labs’
valuable subsidiaries, their synergies, and significant growth underscore our multi-billion-dollar potential.
For
more information, visit www.ProPhaseLabs.com
Media
Relations and Institutional Investor Contact:
ProPhase
Labs, Inc.
267-880-1111
investorrelations@prophaselabs.com
Retail
Investor Relations Contact:
Renmark
Financial Communications
John
Boidman
514-939-3989
Jboidman@renmarkfinancial.com
Source:
ProPhase Labs, Inc.
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