"We plan to use our recent $7 million financing to accelerate and expand these clinical trials," Dr. Najafi continued. "For example, we anticipate that these funds will allow us to speed enrollment of patients with additional sites in our global Phase 2b study for adenoviral conjunctivitis. Additionally, we intend to use proceeds from this financing to conduct a Phase 2 study of NVC-422 in bacterial conjunctivitis. We believe that having one product to treat both bacterial and viral conjunctivitis will place NovaBay in a leading position in the market. NVC-422 has the potential to be the conjunctivitis prescription, without need for a test to determine if a patient has the bacterial or the viral form of the disease."
Dr. Najafi continued, "Our dermatology partner, Galderma, remains highly committed to our NVC-422 treatment for impetigo. Galderma's dedication to develop this exciting and differentiated product candidate, with a very low potential of developing bacterial resistance, for the global 13 million prescription impetigo market is unwavering."
Dr. Najafi concluded, "In another confirmation of our products' potential, Pioneer Pharma expanded our January strategic marketing agreement around NeutroPhase® to include Southeast Asia as well as China. The agreement expansion included a $2.5 million investment in NovaBay, with the potential of another $3 million in 2013. We were pleased to complete the first commercial shipment of NeutroPhase to Southeast Asia in December. NovaBay remains dedicated to our mission of addressing the large unmet therapeutic needs of the global anti-infective market, and we are very pleased to see such commitment from our partners as well."
BUSINESS OVERVIEW:Ophthalmology NovaBay's development focus in ophthalmology is to use the confirmed anti-viral and antibacterial properties of its proprietary NVC-422 compound to develop the only single product capable of serving the $2 billion global bacterial and viral conjunctivitis markets.