Alseres Pharmaceuticals, Inc. announced that it has entered into an agreement with Navidea Biopharmaceuticals, Inc. to license, [(123) I]-E-IACFT Injection (CFT), also called Altropane(R), an Iodine-123 radiolabeled imaging agent, being developed as an aid in the diagnosis of Parkinson's disease and movement disorders. With its focus, dedication, and imaging expertise, Navidea represents an ideal partner to complete the development and commercialization of this promising agent that may help millions of patients with movement disorders arrive at a more timely and accurate diagnosis. Under the terms of the license agreement, Alseres granted Navidea an exclusive, worldwide sublicense to research, develop, and commercialize CFT. In connection with the execution of this agreement, Navidea will make a one-time sublicense execution payment to Alseres equal to (i) One Hundred $175,000 and (ii) issue Alseres 300,000 shares of NAVB common stock. The license agreement also provides for contingent milestone payments of up to $2.9 million, $2.5 million of which will principally occur at the time of product registration or upon commercial sales, and the issuance of up to an additional 1.15 million shares of Navidea stock, 950,000 shares of which are issuable at the time of product registration or upon commercial sales. In addition, the license terms anticipate royalties on yearly net sales of the approved product which are consistent with industry-standard terms and certain license extension fees, payable in cash and shares of common stock, in the event certain milestones are not met. CFT is a patented, novel, small molecule radiopharmaceutical used with single photon emission computed tomography (SPECT) imaging to identify the status of specific regions in the brains of patients suspected of having Parkinson's disease. The agent binds to the dopamine transporter (DAT) on the cell surface of dopaminergic neurons in the striatum and substantia nigra regions of the brain. Loss of these neurons is a widely recognized hallmark of Parkinson's disease.