Navidea's commercial Partner, Norgine launches Lymphoseek in Europe
Navidea Biopharmaceuticals announced that its European commercial partner, SpePharm,an affiliate of Norgine,, launched Lymphoseek, originally developed by Navidea, in Denmark, the Netherlands and the UK. Navidea entered into an exclusive sublicense agreement with SpePharm, in exchange Navidea received an upfront payment, milestone payments and will receive royalties on all European net sales. The territory covered by the agreement includes all 28 member states of the European Economic Union. Lymphoseek is specifically designed to target, bind to and be retained in sentinel lymph nodes, the first lymph node to which cancer cells are most likely to spread from a primary tumour. Lymphoseek)has a false negative rate of 2.6% in T1-T4cN0 oral squamous cell carcinoma. It detected sentinel lymph nodes in 98% of patients with Tis, Tx or T1-T4cN0 breast cancer and T1-T4cN0 melanoma. Michael Goldberg, M.D., President and Chief Executive Officer of Navidea, stated, "The commercial launch of tilmanocept is an important revenue provider for Navidea through royalties that boost our ability to progress our Manocept platform further not only in diagnostic utility but also advancing therapeutics development. I applaud Norgine in launching tilmanocept's successful commercialization in three European countries. We also look forward to bringing additional value to our shareholders, and to patients, as Norgine strategizes expanding its commercial launch into the remaining European Union countries." Europe represents a major growth opportunity and medical need due to Lymphosee)'s ability to identify lymphatic drainage from tumors in the floor of the mouth. Currently up to 70-80% of patients with early oral cancer receive elective neck dissection surgery, an expensive procedure which could be avoided by using sentinel lymph node biopsy for staging. In major European markets, 76,917 new cases of head and neck cancer diagnosed in 2014. The European nuclear medicine/radiopharmaceuticals market is expected to reach $1.62 billion by 2020 from $1.09 billion in 2015, growing at a CAGR of 8.2% from 2015 to 2020.