Navidea Biopharm Enters Agreement With Alseres to Terminate NAV5001 Sub-License Agreement

Navidea Biopharmaceuticals, Inc. (NYSE MKT: NAVB), today announced that ithas entered into an agreement with Alseres Pharmaceuticals, Inc. toterminate the sub-license agreement dated July 31, 2012 for research,development and commercialization of NAV5001, an agent in Phase 3 clinicaldevelopment for early detection of Parkinson's disease. Navidea previouslyannounced its intention to decrease its R&D expenses by divesting itsnon-core neuroimaging assets. This agreement follows through on theCompany's commitment to decrease cash burn while moving these neuroimagingprograms forward. "As part of the a strategic realignment that began in early 2014, we havere-focused our resources on the Manocept(TM) platform, specifically,commercialization of Lymphoseek(R) and development of immuno-oncologytherapeutics targeting activated and tumor-associated macrophages implicatedin cancer," said Rick Gonzalez, President and CEO of Navidea. "DivestingNAV5001 is consistent with this strategy, substantially reduces Navidea'sR&D expense obligations, allows the Company to maintain economic upside, andassigns the product's rights to an entity we believe has the capability togain FDA approval." Under the terms of this agreement, Navidea will transfer the NAV5001 IND,all data, clinical materials, regulatory files (including the SpecialProtocol Assessment agreements), patents, know-how, and other assetscovering the clinical testing of the NAV5001 to Alseres. Alseres willreimburse Navidea on a fully-documented, pass-through basis for any incurredmaintenance costs of the contract manufacturer retroactive to March 1, 2015.In addition, as requested by Alseres, Navidea will supply clinical supportservices for NAV5001 on a cost-plus reimbursement basis. In considerationfor the rights granted to Alseres, Navidea will receive a milestone paymentin connection with NAV5001's NDA approval by the U.S. FDA and a royalty onsubsequent net sales of NAV5001.