Navidea Biopharma (NYSE: NAVB) reported Q2 EPS of ($0.24), versus ($0.29) reported last year. Revenue for the quarter came in at $260.09 million, versus $542.13 million reported last year.

Second Quarter 2019 Highlights and Subsequent Events

• Effected a one-for-twenty reverse stock split and received notification of stock price compliance from the NYSE American
• Announced that results of the Company’s NAV3-21 clinical study for diagnosis of rheumatoid arthritis were presented at the Society of Nuclear Medicine and Molecular Imaging (“SNMMI”) Annual Meeting by Arash Kardan, M.D.
• Completed an underwritten public offering with gross proceeds of $6.0 million
• Achieved double-digit subject enrollment in our NAV3-31 Phase 2b study and are on track with recruitment projections to date
• Received an Intent to Fund notification from the National Heart, Lung and Blood Institute for its Small Business Technology Transfer Phase 1 grant application that will support a collaboration with the University of Alabama at Birmingham titled “Gallium 68 Tilmanocept for PET Imaging of Atherosclerosis Plaques”

“During the second quarter, Navidea continued to deliver on its renewed focus to complete its NAV 3-31 trial and raise the funding to cover it,” said Mr. Jed A. Latkin, Chief Executive Officer of Navidea. “The Company furthered its partnership discussions around the globe but most importantly Navidea met its internal recruiting and enrollment goals for its ongoing RA trials. The Company remains focused on bringing its RA diagnostic to market.”

“We were extremely pleased with the recognition received at the annual SNMMI meeting following our Phase 1 and 2 study results, and we are pressing forward with recruitment in the ongoing Phase 2B,” said Dr. Michael Rosol, Chief Medical Officer of Navidea. “This Phase 2b study will provide the fundamental test-retest and longitudinal data to validate our power calculations for the upcoming Phase 3 trial.”

For earnings history and earnings-related data on Navidea Biopharma (NAVB) click here.