Navidea Biopharmaceuticals, Inc. signed an option agreement with Alseres Pharmaceuticals, Inc., to license Altropane. Under the agreement, Navidea will have exclusive rights for a period of up to six months to perform final due diligence and prepare the documentation necessary to enter into a definitive license agreement for Altropane. Under the terms of the option agreement, Navidea paid the company an option fee of $0.5 million for the exclusive right to negotiate a definitive license agreement by June 30, 2012. Navidea can extend the option period from June 30, 2012, to July 31, 2012, for an additional $0.25 million. In addition, the license terms outlined in the option agreement anticipate royalties on net sales of the approved product. The option agreement anticipates that Navidea will issue the company 400,000 shares of Navidea common stock upon execution of the definitive license agreement. The option also anticipates that the license agreement will provide for contingent milestone payments of up to $3 million, $2.75 million of which will occur at the time of product registration or upon commercial sales, and the issuance of up to an additional 1.05 million shares of Navidea stock, 950,000 shares of which are issuable at the time of product registration or upon commercial sales.