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

Stocks in this article: NBY

NovaBay's license and collaboration revenue for the year ended December 31, 2010 decreased to $9.8 million compared to $15.7 million a year ago. License and collaboration revenues for the fourth quarter ended December 31, 2010 decreased to $3.0 million from $7.5 million in the fourth quarter of 2009. This decrease was due to milestone payments of $3.75 million from Galderma S.A. received in the fourth quarter of 2009 and $1.0 million from Alcon received the in first quarter of 2009, which were not repeated in 2010 and the amortization of our upfront payments from Galderma and Alcon ending during 2010.

Net loss for 2010 was $4.3 million, compared with a net income in 2009 of $2.7 million. NovaBay reported net income of $161,000 or $.01 cents per diluted share for the fourth quarter, compared with a net income of $3.4 million or $.14 cents per share in the same quarter a year ago. This change was primarily a result of the revenues changes noted above.

Total research and development expenses increased 17% to $8.6 million in 2010 from $7.3 million in 2009. For the fourth quarter, NovaBay reported research and development expenses of $2.0 million, compared to $2.5 million in the same quarter a year ago. The overall increases were due to further progress of the Company's multiple clinical trials As the Company moves forward in its strategy to develop programs in the four business segments it is targeting, NovaBay expects to continue to see increasing R&D and clinical trial costs.

Management Comment:

"2010 was a transformational year for NovaBay as we announced our first human proof of concept in a 129-patient, Phase 2a impetigo skin infection study. The results showed 92% of the patients in NovaBay's highest dose were cured of this highly contagious skin infection following seven days of treatment with NovaBay's lead Aganocide topical gel. Importantly, patients in the study infected with MRSA were successfully treated," said Dr. Ron Najafi, chairman and CEO of NovaBay.

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