Navidea Biopharmaceuticals Inc (NYSE: NAVB) shares rose after the company reported acceptance into the National Institutes of Health Commercialization Accelerator Program.
The Dublin, Ohio-based Company was selected for CAP due to its successful completion of a Small Business Innovation Research (“SBIR”) Fast Track grant from the NIH (grant number R44 AR067583-01A1; Frederick Cope, PI) entitled 99mTc-Tilmanocept for Targeting Rheumatoid Arthritis (“RA”)-Driving Macrophages. Navidea has been assigned to the Advanced Commercialization Track (“ACT”) of CAP.
CAP is designed to facilitate and accelerate the commercial success of SBIR-funded commercialization projects. Navidea will participate in CAP for nine months beginning in October 2018, during which the program will provide technical support for Navidea’s RA imaging-related commercialization initiative and is expected to facilitate establishment of contacts between Navidea and potential corporate collaborators and partners and between Navidea and potential investors.
"Navidea is pleased and honored to have been selected for the highly competitive CAP program," said CEO Jed A. Latkin.
"Selection in this program reflects the strength of our team and an opportunity for our novel pipeline of diagnostics. I expect that participation in the program will provide the Company with non-dilutive assistance to advance our RA program and will increase Navidea’s exposure to industry players and potential investors.
"We look forward to working with the CAP network to develop a comprehensive marketing strategy, which has the potential to propel Navidea towards commercial success."
Shares gained three cents, or 17.5%, to 21 cents mid-morning Tuesday.
