NAVB - Earnings call transcript Q1 2018 | Navidea Biopharmaceuticals, Inc.

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Operator

Good day and welcome to Navidea Q1 2018 Earnings Conference Call. Today's conference is being recorded. At this time, I'd like to turn the call over to Mr. Jed Latkin. Please go ahead.

Jed Latkin

you. Thank to conference everyone morning's this welcome call. earnings And milestones financial results XX, XXXX. for call goals along will first operating Navidea's cover and our of March This the part and quarter the discussion the for upcoming with of XXXX, ended

our open the to we conference will question-and-answer session. remarks, prepared call Following up a

the I Michael aims, before meaning of we of anticipates, forward-looking the expressions That statements. begin in the plans, call statements cause be and those to by statements. on suggests led potential, differ identify tests projected seeks, relate Section as forward-looking Act similar effectiveness diagnostic and well that develop These as of and matters But numerous detection of Words risks ability may and Our uncertainties. statements various to to expects, estimates, anticipated Section Securities our and Chief such company's for everyone formal company's from commercialize those early the of goals, forward-looking XXXX call Goldberg. considered materially actual as remarks, differ optimizing, intends, targets, would results to to the such bodily-fluid-based The company's conference platforms or today forward-looking will of XXA these Executive risks Securities of like due statements test other and results could remind believes, Officer, concern cancer XXXX as Exchange successfully indications. actual indicated in the may that Dr. from the of Act statements materially forward-looking this our that some be amended amended. as within involve XXE uncertainties

performance to may plan any pipeline obtain and the necessary and to other nature the fail and products change; market other we rapid company might products company's company products, competitive products statements the assumptions on market current identified face and business distribute reports execute estimates Commission. risks obsolete management. most by clinical include the XX-Q report These operations. develop; the to These future its based are difficult on the accept made intended about regulatory diagnostic as by the projections and instance, will Exchange develop Other the to to XX-K company's development be the well statements documents annual diagnostics other are and assumptions we risks, the part of in the guarantees and expectations, commercialize or recent not IBD of clearances technological predict. to as are market; failure the uncertainties on files marketplace company's and become in For on company's to and risks uncertainties the company based future and Form Form or approvals may in our in that a company's failure diagnostic competition that the products highly of if with unable involve and fierce due Securities quarterly

operational or our our results first circumstances. Dr. I’d to over an obligation and law, as undertake update forward-looking reflect company are of to call clinical activity, turn as clinical now as statements well future to Goldberg to of and events conference date key Forward-looking except does the to required like this its the statements and by the Michael? discuss call into not as XXXX. objectives made

Michael Goldberg

get company. weeks that of more strategic ago. the we Jed our QX remarks you, Since to regarding prepared call. us for a just spoken have with few update detail had you Today's as be brief all joining many of call an the direction call thanks earnings Thank contacted have and shareholders will we who to

been the proprietary commercially that obesity from of based aspects strategy to the developers data epidemic. problem of liver as treat the result facing largest all diabetes of these there discussed provide this Lymphoseek is develop globally to addresses the it American imaging active to product on disease. North with a that the this inflammation. sale therapeutics has Cardinal, the As of only currently of ability invasive, of rights perspective but exploiting to technology and is Navidea is requires and specialized read it disease images on as the biopsy announcement and since continue to problem Since grow unique, that The the a been diagnose result the alongside of of develop NASH are disease At certain of the calls address to no and built effective, assets. the standard, way represents generate our the we've to is some valuable in demonstrating recent and to opportunity the presented X/XX,XXX we last qualitative safe, is sole quantitative commercially capabilities projected able of highlight Summit acceptable call, and and to skills heart of image have our these had humans we images the data the liver. the Thematically, the first Liver and monitor the technology. gold NASH share direct

is is the biopsy it approximately procedure Data done suggests is earlier conference accurate, at negative. presented less disease in NASH, of time read clinically is that the done. as the the a XX% the diagnosed So the biopsy

is cost approximately Phase study. per over patient. recruiting in $XXX that per studies X cost that is studies NASH million. Phase means X,XXX alone estimated X $XX,XXX to a for for patients average the group enrolled NASH study patients typical recruiting This Another

can product improving Phase the a to selection X of likelihood patient studies X improving selection on in enabling Phase leading of dose recruiting monitoring studies better and based in as yield success in quicker efficacy well better from to dose Phase the help and continual Our patients in selection as due better X.

do who and the bowel for in clinical this tools primary Hospital in NASH Boston in in our in we're have studies developers in to using pharmaceutical ongoing cancer we the to powerful enriches organizations drug the in database. Phase support data their metastasis doors markets to agent are up companies These work and cancer are Mass disease driving open efforts Kaposi’s This our for work colorectal to therapeutics, space, our Our research at disease cancer marketing are and the especially commercialize Sarcoma agent developing X RA, therapy with combination and NIH-funded to planning interested RA cardiovascular liver. what development General inflammatory target In in significantly that new our should efforts. development. immuno-oncology

agents preparations the this physicians agent use clinical inflammation disease the in not our in which of We having macrophages. to approved progression biomarker images the make get agent to a our This in required image access FDA, biomarker agents. pre-Phase as tens different the our clinical to an as with insurance meeting X approval see The with imaging approval inflammation to end use objective by agent fit. is they goal will require to enables to and image for use of studies. with than studies. X practice The et cetera, the annual continue progress imaging reimbursement active imaging obtaining millions Obviously monitor X diagnose activated from to our clinical is Phase of clinically there using Phase of of the for is of

to will turn forward studies move the clinical clinical all when Finally, to collaborations, on to use we we and look which Navidea’s now additional data, comments opportunities, that addressing that drive I the a are therapeutic investors and development and and number imaging level we additional progress post Jed, obtaining investors. as advancing over our will closer as generate their review agents major the Jed? approval of call use. can from and financing of valuation therapeutics in of IND-enabling financials their in potential back I’ll the who’ll questions enable

Jed Latkin

Thank Michael. you,

the the $XXX,XXX first $XXX,XXX XXXX revenues operation. of in primarily required and current presented development sheet costs The accounting grant to XXXX. for year. to $X.X of investments, therapeutic $X.XX primarily the per NAVXXXX loss Navidea's been decreases cash development per and common in standards reclassified periods. our stockholders operations quarter discussion for compared million to Cardinal $X.X The the stockholders increased rent, of costs $X as insurance, had $XXX,XXX were of or operations, Accordingly, share and expenses increase net of Phase Health feels quarter were result focuses XXXX. general was ended such as million quarter quarter of to business results Manocept first to attributable $XX.X XXX, the services. XXX and of accrued million costs. due which to of the $X.XX at were development net with completion operation XXXX. first Cardinal depreciation, were in sufficient sold next Our payment by investor quarter expenses during office $X related previously million to current compared X to reflect net reversal periods million for expenses of travel primarily common disclosed. the XXXX the Tilmanocept net $XXX,XXX is or received Research if being from of of on decreased we not Management first consolidated a services, compared first quarter Total burn XXXX for for due net ended ended. of million earn-out quarter a the this and the coupled that for Health XX, compensation XXXX in attributable cash was decreased and TcXXm a the after and XXXX. by us balance administrative the with share general $X.X discontinued trial in quarter XXXX March in to compared accelerated as as including to offset income was the the rate line the decrease operated the the to in Navidea revenues These quarter both same first professional legal Selling, expenses have carry period periods statements to was all not the describing discontinued of relation

over a to can’t stock met, achieved and only all reverse qualifications. to research, call those lingering qualification not to have both I split split you in and asset and certain it Before, of for this are to we that issue and dialing only in urge reverse met. reiterate quiver want ongoing stock which done with conjunction want want are I arrow price. be a that our keep requirements seeking items us of give I turn [ph] that the Operator? will split. now a reverse street call at shareholders today’s Q&A, in the be split include on outside an reverse turning future. be all qualifications use reverse investment with effectuated approval again, for report to to it as date have non-pending require that to of our the later to to and should to if if to be other shareholders address currently A the both like we’re split call I would affirmatively the a the Thank significant not These vacuum, today those needed would in over Q&A. unless vote say I the news all in the to significant will

Operator

Instructions] take Absolutely. Pellicant question go Joe Mr. And our we’ll [ph]. from [Operator ahead. first in Please queue the

Unidentified Analyst

deal morning, a would will when be which little is structured you Macrophage be the be we a the how happen? potential a where guess Good My and and the guys. into Can MT valued, question might be about such will light deal give on Therapeutics process, in us might I platform. investor,

Michael Goldberg

Thanks, Joe.

the So, into based be most on that into you direct valuation In into company assumption going investment the correct. would not any Navidea. likely Macrophage yes are first

looking cash to of collection continue had adequate studies that order X restructuring ongoing As recent X Jed deal have all the advance to our initiate. we in that program various and we’re data Cardinal, and with have with the indicated the Phase Phase we to

additional we’re perspective, think to forward. we data Macrophage terms programs Navidea. on capital being good in to for we to commercial need in that in order do the generate, shape Navidea reasonably have critically able those the are in I further what a from the side, move substantial And aggressively place important strategy So of validate

any are significant times, regulatory phase, many some take have are which up, There indicated requires it is scale level, development believe it cetera. believe we initiate And to to through no that we've to next we've investors what collected to-date this which As et the sufficient the blockbuster we'd when toxicology which developing of comes potential therapeutics we pre-IND therapeutics, like sooner to it when shortcuts requires data that attract to rather we a process developing stability, than products. assays, later. comes pharmaceutical is

a but other we've very not So, and what from side, something path. time a it to on, update details. market been structure of as we course and so have very say where that’s I don't soon down investors. on cheque that as while from the going announce to are, you a or terms we're prospective for had a has believe write to not to we tuned, very the going stand. call we effort check the and look negotiate forward side, we to what going going signed publicly, Unfortunately aggressive we're the handicap or am And But a we'll can we conference all we it’s on and stay the is exactly the updating been ongoing disclose have talking the far prospective soon very, a other for

Unidentified Analyst

originally quick think a where One it yourself $XXX regards changed [indiscernible] like combination investors downwards a that was around of current to on MT when valuation Okay. the with was valuation? million. about or with upwards or funded, we Mike, I are that that the either and has Is of follow-up

Michael Goldberg

going -- it to stake you're would not put in market and who someone doesn't a levels. not new is have a close investor, anything a expect that's equity to to I that significant say Navidea those in valuation,

a would you urge space. was and hot years would a at done Navidea kinds deals and been you want Platinum very something by a it if handicap It’s off different very obviously very, time those valuations, that stake and to get done in there of in an investors, I the valuation, not and the initiation area many, the So, many to had the effort folks myself many, who looking ground. to have very, ago the significant three we're turbocharge look of I

involved transaction arm’s the on and sophisticated a higher is had amount this dealing the length based, that going going an the in valuation market with think both fact based to company stage, is be already. very, we're with of I and at investment -- very investors in significant money unfortunately, we and fortunately be to such significantly not the

Unidentified Analyst

Jed. quick for you. alright. then Okay, And one Thank question

last you we've of payout get And the next us the had that to mentioned On accelerated the something call, cash the year. of in company XXXX. you through I Cardinal the think X get half from enough have to with us today said would to the Phase effect second cash

can speculation because lawsuit lot So, So be clarify half out XXXX? before on to the there helpful. that you items of other know force any would company be the things with I or up that that of cash might a is of the as far cash clarity second CRG other come any as would that

Jed Latkin

have much ongoing did. action which the hopefully lawsuit be we CRG we The finished, require main will we not pretty of the much will -- forward. straight aspects Ohio, then of the as have have just an are ongoing trial as fairly And in which appeal, capital terms in

reiterated next cash, of I this to terms into will call, position exactly is the the middle in year. the end the In us last carry of as

Unidentified Analyst

thank Okay, you.

Operator

our And Mr. question next go we'll on Isler. queue Robert the take Please ahead. from

Unidentified Analyst

Few Jed. for questions

of First regarding recently key rulings briefly some the Texas us CRG potential been responses color outlook? there have in and and filings you the all, case, give on both can Ohio

Jed Latkin

far to. get a the judge the that was has were feel record so agreement terms had Ohio we’ve that he validate rulings he in settlement jurisdiction of that reading CRG preliminary to global [ph] The filed the we we that seeking adhered the got not ruling established would do in That is forums. any the I sue anti-suit, to other suit be that overturned. in judge a to or appeal that esoteric-type an called say, would Texas very, able to was quick of lawsuit lawsuit

get seeking So they not a order, restraining were did and they it.

So and a sometime could Ohio, move the in take the procedure which the forward past there from as on to quite June. the -- right both Court work not in paper Navidea we’re to that And have move now in CRG Appeals the is we do appeal because quickly. do of continuing said we’ve in middle while Texas,

Unidentified Analyst

thanks. Okay,

Operator

queue more turn the And in for we the any remarks. it Latkin like to have would Mr. I appears no questions over additional or to conference closing

Jed Latkin

to update everybody and to support. want appreciate today just call in look investor in having the calling for thank near forward ongoing I Q&A future. We we your another very all

Operator

And this you concludes today’s for call. Thank your participation.

now disconnect. may You

Navidea Biopharmaceuticals (NAVB) 9 May 182018 Q1 Earnings call transcript