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NovaBay Pharmaceuticals Provides Second Quarter 2012 Financial Results

Research and development (R&D) expenses decreased by 15% to $2.4 million for the three months ended June 30, 2012, and decreased by 19% to $4.6 million for the six months ended June 30, 2012, compared with the same periods in 2011.  This decrease was attributed to the termination of the research activities related to Alcon in 2011, partially offset by the increase in clinical activities as the Company began its Phase 2b trial in conjunctivitis, continued its UCBE trial and continued to scale up for the impetigo trial, which is expected to start in the third quarter of 2012.

NovaBay expects to incur increasing R&D expenses in 2012 and in subsequent years as it continues to advance its clinical programs in ophthalmology and urology.

General and administrative expenses remained relatively flat for the three and six months ended June 30, 2012, at $1.4 million and $2.9 million, as expected, compared to the same periods in 2011. 

Net loss for the three months ended June 30, 2012 was $2.2 million, compared to a net income of $425,000 for the same period in 2011.  Net loss for the six months ended June 30, 2012 was $4.8 million, compared to $1.6 million for the same period in 2011. This change was primarily a result of the license and collaboration revenue decrease noted above, offset to some degree by a noncash gain on warrants issued as part of our July 2011 financing and the reduction in research and development expenses resulting from the termination of the Alcon agreement in 2011.

2012 Highlights

About NovaBay Pharmaceuticals, Inc.

Going Beyond Antibiotics

NovaBay Pharmaceuticals is a clinical-stage biotechnology company focused on addressing the large unmet therapeutic needs of the global anti-infective market with its two distinct categories of products.

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