Date: 2015-03-13
Type of information: Financing round
Company: Macrophage Therapeutics (USA - OH)
Investors:
Amount: $2.5 million
Funding type: financing round
Planned used: Macrophage Therapeutics, a subsidiary of Navidea Biopharmaceuticals announced that the proceeds will be used for pipeline development, general working capital and recruitment of a scientific advisory board that will counsel and recommend the initial therapeutic applications of Navidea’s Manocept™ platform technology. Macrophage Therapeutics is developing therapeutics using the patented Manocept immunotherapy platform licensed from Navidea to target over-active macrophages implicated in cancer, cardiovascular, central nervous system, autoimmune, antiviral, and skin diseases. Manocept specifically targets CD206, or mannose receptor prevalent on over-active macrophages. The technology enables highly specific targeted delivery of active (either existing or yet to be developed) agents that can modulate the activity of over-active macrophages that have been implicated in many diseases. Targeted delivery should significantly enhance a given compound’s efficacy and safety.
Others: * On March 13, 2015, Macrophage Therapeutics, a subsidiary of Navidea Biopharmaceuticals, announced definitive agreements have been executed for its previously announced $2.5 million round of standalone financing and the funding process is underway. The transaction was led by Platinum-Montaur Life Sciences and Dr. Goldberg. The first draw of $500,000 has been initiated. Should the entire $2.5 million be funded, there will be issued and outstanding a total of 50 shares of preferred stock and warrants to purchase 1,500 shares of common stock, representing a 1% interest in Macrophage Therapeutics on a fully converted and exercised basis. In the event that Macrophage Therapeutics has not completed a public offering of in excess of $50 million by March 11, 2017, each share of preferred stock in Macrophage Therapeutics will become exchangeable for common stock of Navidea based on the stock price of Navidea at 80% of the then-current volume weighted average price per share of Navidea stock, but not less than $3. If the investors do not timely exercise their exchange option, Macrophage Therapeutics can redeem the preferred stock for a price equal to 1.1664 times the initial issue price. Based on the expected enterprise valuation of $500 million, shareholders of Navidea will retain 99.0% ownership of Macrophage Therapeutics assuming full conversion of the preferred stock and exercise of the warrants.
Therapeutic area: Cancer - Oncology - Immunological diseases - Autoimmune diseases - Cardiovascular diseases
