Navidea Biopharmaceuticals Inc. (NAVB), a specialty pharmaceutical company focused on precision diagnostic radiopharmaceuticals, said Tuesday it has elected to continue diligence through the end of July with Alseres Pharmaceuticals Inc. to license [123I]-E-IAFCT Injection (CFT).
CFT is an Iodine-123 radiolabeled imaging agent being developed as an aid in the diagnosis of Parkinson's disease, movement disorders and Dementia with Lewy Bodies.
Navidea last January said it entered into an option agreement with Alseres to complete due diligence and prepare documentation necessary to execute a definitive license agreement for CFT.
Under the terms of the option agreement, Navidea paid Alseres an option fee of $500,000 for the exclusive right to negotiate a definitive license agreement by June 30, 2012.
However, the option agreement also provided Navidea the right to extend the option period from June 30, 2012 to July 31, 2012, for an additional $250,000 which would be due upon execution of a definitive license, if completed.
The option agreement anticipates that Navidea will issue Alseres 400,000 shares of Navidea common stock upon execution of the definitive license agreement.
The option also anticipates that the license agreement will provide for contingent milestone payments of up to $3 million. In addition, the license terms outlined in the option agreement anticipate royalties on net sales of the approved product which are consistent with industry-standard terms.
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