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TheStreet Open House

NovaBay Pharmaceuticals Provides Fourth Quarter And Full Year 2010 Financial Results And Business Unit Updates

Stocks in this article: NBY

Progress Continues in Company's Four Business Units:

  • Urology : Urinary catheter blockage and encrustation trial enrolling patients. Results are expected H2-2011.
  • Hospital Infection : NovaBay's FDA – 510(k) cleared NeutroPhase ® is expected to be manufactured under FDA guidelines in 2011 and will be available in early 2012 to the 6 million patients suffering from chronic non-healing wounds such as diabetic, pressure, and venous stasis ulcers. Revenue is expected in 2012.
  • Dermatology : Galderma, S.A. moving rapidly to begin expanded Phase 2b impetigo trial with our lead Aganocide in H1-2011. Results expected in H2-2011.
  • Ophthalmology : Results from Alcon's Phase 2 proof of concept, viral conjunctivitis study expected in Q2-2011.

Resources: Year-end Cash, Cash Equivalents and Short-term Investments increased from $11.3 million in 2009 to $12.8 million in 2010

EMERYVILLE, Calif., March 10, 2011 (GLOBE NEWSWIRE) -- NovaBay Pharmaceuticals, Inc. (NYSE Amex:NBY), a clinical stage biotechnology company developing its first-in-class, anti-infective Aganocide® compounds for the local non-systemic treatment and prevention of antibiotic-resistant infections, today reported full-year and fourth quarter financial results for 2010. The company also highlighted recent progress of its proprietary and partnered development programs within its four business units.

As of December 31, 2010, the Company's cash, cash equivalents and short-term investments totaled $12.8 million, compared to $11.3 million at the end of 2009, which represents a full-year net cash increase of approximately $1.5 million. This positive annual cash flow was the net result of cash expenditures of $13.4 million, primarily related to advances in clinical trial programs and R&D, being more than offset by $14.9 million of cash receipts, principally related to R&D funding, reimbursements and milestone payments received from partners, Alcon and Galderma.

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