Navidea Biopharmaceuticals Announces Dual Listing on Tel Aviv Stock Exchange
- Common shares already listed on NYSE MKT will also list on the Tel Aviv Stock Exchange (TASE) beginning September 8, 2015 under ticker symbol NAVB -
- Company anticipates joining TASE's TA-75, TA-100, TA-BlueTech, TA-Tech-Elite and TA-Biomed indexes -
DUBLIN, Ohio & TEL AVIV, Israel--(BUSINESS WIRE)-- Navidea Biopharmaceuticals Inc., (NYSE MKT: NAVB), a biopharmaceutical company focused on the development and commercialization of precision diagnostics, therapeutics and radiopharmaceutical agents, today announced that the Tel Aviv Stock Exchange (TASE) has approved the new listing of Navidea's common stock on the TASE beginning on Tuesday, September 8, 2015 under the ticker symbol NAVB. The Company's common stock will be listed on both the NYSE MKT in the United States and the TASE in Israel. The Company also announced today that, based upon Navidea’s current market capitalization, it expects its shares to be subject to inclusion in five TASE equity indexes.
“As commercialization of Lymphoseek grows globally, we are gratified with the opportunity to join many top companies as part of the TASE and our expected inclusion in their TA-75, TA-100, TA-BlueTech, TA-Tech-Elite and TA-Biomed indexes,” said Rick Gonzalez, President and CEO of Navidea. "We believe this dual listing will facilitate access to an emerging international capital market, further diversify our shareholder base in a region with growing biotech and pharma industries, and expand our exposure and access to the Israeli investment community."
TASE CEO, Yossi Beinart said, “We welcome Navidea Biopharmaceuticals to the Tel Aviv Stock Exchange Dual Listing, and believe that this is a recognition of the Biomed sector’s special position at the Tel Aviv Stock Exchange. Navidea joins a group of 46 cross-listed companies entitling them to significant benefits including, added exposure among Israeli investors, extension of the trading day, investment by Exchange Traded Product vendors, and easy access to institutional and retail investors as well as to global growth companies.”
Navidea is, and will remain, subject to the applicable rules and regulations of NYSE MKT-listed companies and the U.S. Securities and Exchange Commission. Under Israel's Dual Listing Law, U.S.-listed companies may also list on the TASE without any additional regulatory requirements. Trading on the TASE occurs Sunday through Thursday from 8:30 am to 4:30 pm Israel time, except on TASE trading holidays, and trading on the NYSE MKT occurs Monday through Friday, 9:30 am to 4:00 pm Eastern Time, except on NYSE holidays. The TASE Clearing House is electronically linked to the Depository Trust Company, a subsidiary of the Depository Trust & Clearing Corporation, to automate the cross-border settlement of shares listed on both the TASE and a U.S. Exchange.
Navidea Biopharmaceuticals, Inc. (NYSE MKT: NAVB) is a biopharmaceutical company focused on the development and commercialization of precision diagnostics, therapeutics and radiopharmaceutical agents. Navidea is developing multiple precision-targeted products and platforms including Manocept™ and NAV4694 to help identify the sites and pathways of undetected disease and enable better diagnostic accuracy, clinical decision-making, targeted treatment and, ultimately, patient care. Lymphoseek® (technetium Tc 99m tilmanocept) injection, Navidea’s first commercial product from the Manocept platform, was approved by the FDA in March 2013 and in Europe in November 2014. Navidea’s strategy is to deliver superior growth and shareholder return by bringing to market novel radiopharmaceutical agents and therapeutics, and advancing the Company’s pipeline through global partnering and commercialization efforts. For more information, please visit www.navidea.com.
The Private Securities Litigation Reform Act of 1995 (the Act) provides a safe harbor for forward-looking statements made by or on behalf of the Company. Statements in this news release, which relate to other than strictly historical facts, such as statements about the Company’s plans and strategies, expectations for future financial performance, new and existing products and technologies, anticipated clinical and regulatory pathways, and markets for the Company’s products are forward-looking statements within the meaning of the Act. The words “believe,” “expect,” “anticipate,” “estimate,” “project,” and similar expressions identify forward-looking statements that speak only as of the date hereof. Investors are cautioned that such statements involve risks and uncertainties that could cause actual results to differ materially from historical or anticipated results due to many factors including, but not limited to, the Company’s continuing operating losses, uncertainty of market acceptance of its products, reliance on third party manufacturers, accumulated deficit, future capital needs, uncertainty of capital funding, dependence on limited product line and distribution channels, competition, limited marketing and manufacturing experience, risks of development of new products, regulatory risks and other risks detailed in the Company’s most recent Annual Report on Form 10-K and other Securities and Exchange Commission filings. The Company undertakes no obligation to publicly update or revise any forward-looking statements.
Tom Baker, 617-532-0624
Sharon Correia, 978-655-2686
Associate Director, Corporate Communications
Source: Navidea Biopharmaceuticals, Inc.
Released September 2, 2015