Benzinga | Mar 2, 2021 07:41AM EST

Navidea Biopharmaceuticals Announces $5M Private Placement Of Series E Redeemable Convertible Preferred Stock With Existing Investor John K. Scott, Jr

Navidea Biopharmaceuticals, Inc. (NYSE:NAVB) ("Navidea" or the "Company"), a company focused on the development of precision immunodiagnostic agents and immunotherapeutics, is pleased to announce that it has executed an agreement with the Company's largest shareholder, John K. Scott, Jr., to purchase $5 million of newly-designated Series E Redeemable Convertible Preferred Stock. Over the next 18 months, the Series E Preferred can be converted into approximately 2.17 million shares of Navidea's common stock.