Navidea Biopharmaceuticals (NASDAQ: NAVB) has experienced a significant drop in its shares, with prices falling by 16% to 8 cents. The company has been grappling with the possibility of delisting from the NYSE American Exchange. Having reached its lowest point at 7 cents on June 7, the stock has witnessed an alarming 87% decline over the past year.
Navidea’s Director, Josh Wilson, has expressed the company’s determination to stay on track despite these challenges. He emphasized that Navidea will continue following its Fix, Fund Propel approach, which entails advancing the company’s innovative technology to the market and creating value for its stockholders.
Navidea has made progress in reducing its selling, general, and administrative expenses by 36% during the first quarter of 2023, in comparison to the same period in 2022. However, the company remains committed to driving shareholder return by successfully completing Phase 2b and Phase 3 clinical trials. To achieve this, Navidea aims to secure sufficient capital to expand and deliver groundbreaking technology and drug applications to the market.
Conclusion
While Navidea Biopharmaceuticals faces the risk of delisting from the NYSE American Exchange, the company is determined to stay on course and continue advancing its innovative technology. With a strategic focus on reducing expenses and driving shareholder return, Navidea aims to overcome these challenges and deliver valuable solutions to the pharmaceutical industry.