Shares in Navidea (NYSE:NAVB) rose yesterday after the company met expectations on Wall Street with its 3rd quarter results.
The Dublin, Ohio-based company pared its losses by -99.3% to -$59,377 on sales of $8.5 million for the 3 months ended Sept. 30, for sales growth of 112.5% compared with the same period last year.
Earnings per share were 0¢, ahead of the -2¢ consensus on The Street, where analysts were looking for sales of $6.47 million.
“We ended the 3rd quarter with a clear plan for Navidea’s future. With our previously announced letter of intent with Cardinal Health, Inc., we believe that we have successfully identified an arrangement to extinguish the Capital Royalty Partners debt and to focus Navidea on several attractive development efforts outside of lymphatic mapping, lymph node biopsy and the diagnosis of metastatic spread to lymph nodes for the staging of cancer in North America. The contemplated transaction with Cardinal Health, as well as the impending launch of Lymphoseek in Europe by our partner SpePharm AG (Norgine BV), should provide additional income for many years to come,” president & CEO Dr. Michael Goldberg said in prepared remarks. “Our focus moving forward will be on expansion and development of Manocept-based diagnostic markets initially in rheumatoid arthritis and cardiovascular disease, as well as developing our immunotherapeutic platform with a strong preclinical pipeline for cancer, autoimmune, inflammatory and infectious diseases.”
NAVB shares rose as much as 8.4% to 90¢ apiece yesterday before closing flat at 83¢.
