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TheStreet Open House

NovaBay Pharmaceuticals Provides Second Quarter 2012 Financial Results

Recent Highlights

  • Received FDA guidance at successful end-of-phase 2a meeting for NVC-422 program for treating impetigo; phase 2b study to initiate in the third quarter 2012  
  • Expanded global Aganocide® patent estate with seven new patents  
  • Initiated BAYnovation Phase 2b study for adenoviral conjunctivitis with first patients enrolled in the U.S. Enrollment continues to grow on target.

EMERYVILLE, Calif., Aug. 9, 2012 (GLOBE NEWSWIRE) -- NovaBay Pharmaceuticals, Inc. (NYSE Amex:NBY), a clinical-stage biotechnology company developing novel anti-infective products for the treatment and prevention of microbial infections, today reported second quarter financial results for the period ended June 30, 2012.

Dr. Ron Najafi, Chairman and CEO, remarked, "We have made significant progress across our development pipeline. NovaBay now has Phase 2b clinical trials underway for conjunctivitis and urinary catheter blockage and encrustation, UCBE, and we expect our partner, Galderma, to begin their global Phase 2b for impetigo by the end of Q3, 2012. Our phase 2b study for adenoviral conjunctivitis began enrolling patients during the quarter and enrollment will continue to grow through completion in Q2 next year. We've also completed our end of Phase 2a meeting with the FDA for our impetigo program with our partner Galderma and we believe we are on track to commence our phase 2b in the third quarter 2012."

Second Quarter Financial Results

As of June 30, 2012, the Company's cash, cash equivalents and short-term investments totaled $10.4 million, compared to $14.1 million at the end of 2011. This decrease in cash was anticipated as the Company began its Phase 2b conjunctivitis trial, provided support for Galderma regarding the Phase 2b impetigo trial and continued its clinical trial for NVC-422 in urinary catheter blockage and encrustation (UCBE).

NovaBay's license and collaboration revenue for the three and six months ended June 30, 2012,were $856,000 and $2.2 million, respectively, compared to $4.5 million and $7.0 million in the corresponding periods in 2011. This decrease was attributed to termination of the Company's agreement with former partner Alcon, for which NovaBay received semi-annual support payments and a $2.0 million termination payment in 2011.

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