NEW YORK – Navidea Biopharmaceuticals on Thursday said that certain assets and liabilities associated with its beta-amyloid imaging agent NAV4694 have been purchased by Meilleur Technologies.
Upon closing the asset purchase agreement, Meilleur paid Navidea $250,000 in cash for the exclusive license to develop and commercialize the imaging agent and agreed to pay $500,000 within 60 days of the closing date. Navidea is also eligible to receive additional milestone and sales-related future payments in the deal.
Dublin, Ohio-based Navidea is developing NAV4694, a fluorine-18-labeled radiopharmaceutical that binds to beta-amyloid deposits in the brain. These radio-labeled deposits can then be scanned using PET imaging and enable diagnosis of Alzheimer's disease. NAV4694 is currently undergoing evaluation in a Phase IIb mild cognitive impairment trial and a Phase II Alzheimer's disease study.
The acquisition aligns with Meilleur's goal to improve molecular imaging of neurodegenerative diseases and accelerate the development of drugs, for example, anti-beta-amyloid treatments. "Meilleur is focused on enhancing access to key technologies which advance and improve brain health, and our transaction with Navidea aligns perfectly with our focus," Meilleur CEO Rick Hiatt said in a statement.