Navidea Biopharmaceuticals (NYSE:NAVB) announced today that it entered into a private placement worth $5 million.

Dublin, Ohio-based Navidea’s agreement comes with its largest shareholder, John K. Scott, Jr., for the purchase of $5 million in newly-designated Series E redeemable convertible preferred stock, according to a news release.

Over the course of the next 18 months, the Series E stock can be converted into approximately 2.17 million shares of Navidea’s common stock.

Navidea did not share any specific intended use of proceeds. The company develops immunodiagnostic agents and immunotherapeutics, including its Manocept platform which targets the CD206 mannose receptor on activated macrophages, helping to identify sites and pathways of disease and enable better diagnostic accuracy, clinical decision-making and targeted treatment.

“We are pleased to receive continued support from our largest shareholder. Today’s financing provides additional strength to our balance sheet and will allow our company to accelerate potential value-accretive investments, including our therapeutics pipeline,” Navidea CEO Jed Latkin said in the release. “We look forward to providing additional updates on the progress of our ongoing studies across our portfolio on our earnings call later this month.”