Well Positioned in 2013 with Three Phase 2b Clinical Trials for Conjunctivitis, Impetigo and UCBE Advancing
EMERYVILLE, Calif., March 14, 2013 (GLOBE NEWSWIRE) -- NovaBay Pharmaceuticals, Inc. (NYSE MKT:NBY), a biotechnology company focused on addressing the large unmet therapeutic needs of the global topical, non-systemic anti-infective market with first-in-class compounds such as its proprietary Aganocides®, today gave a fourth quarter financial and clinical update and outlook for 2013.
Dr. Ron Najafi, Chairman and CEO, remarked, "We are particularly excited about 2013 as the enrollment in our three auriclosene trials continues to advance and we move towards data from these three trials. Our global viral conjunctivitis trial, BAYnovation, is underway in India as of January and recruitment efforts are continuing to ramp. The impetigo trial being implemented by our partner Galderma expanded enrollment to South Africa in February. The urinary catheter blockage and encrustation (UCBE) trial continues to enroll at a steady pace."Dr. Najafi concluded, "Over the past year, we have achieved several significant development milestones and strengthened our balance sheet. We brought in approximately $7 million in capital in December that provided the resources to advance our three clinical trials and to conduct a Phase 2 study of auriclosene as a treatment for bacterial conjunctivitis, facilitating our ultimate goal of one product to treat both viral and bacterial conjunctivitis." Fourth Quarter and Full Year Financial Results As of December 31, 2012, cash, cash equivalents and short-term investments totaled $16.9 million, compared to $14.1 million at the end of 2011, representing a full-year net cash increase of approximately $2.7 million, or 19.3%. The cash increase reflects cash received from the company's R&D partners as milestone payments, the December 2012 public offering of common stock and warrants, and an additional $2.5 million of financing from a private placement of common stock and warrants.