Navidea Biopharmaceuticals Inc. closed a public offering of 8 million shares of its common stock, raising approximately $6 million, before underwriting discounts, commissions and offering expenses. The Dublin company intends to use the proceeds to fund R&D programs, including advancing its Phase 2b and Phase 3 clinical trials of Tc99m tilmanocept in patients with rheumatoid arthritis, and for general working capital purposes and other operating expenses.

Of the total shares sold in the offering, 4 million shares were placed with John Kim Scott Jr., a principal stockholder in the company, who agreed to purchase shares at $0.75 per share.

H.C. Wainwright & Co. acted as sole book-running manager for the offering.