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NovaBay Pharmaceuticals Reports Fourth Quarter Financial Results And 2013 Clinical And Business Update

NovaBay's license and collaboration revenue for the year ended December 31, 2012 was $6.9 million, compared to $11.0 million a year ago. License and collaboration revenues for the fourth quarter ended December 31, 2012 remained relatively consistent at $1.1 million, compared to $1.2 million in the fourth quarter of 2011. The full-year decrease for 2012 compared to the same periods in 2011 is attributed to the termination in 2011 of the Alcon agreement and was partially offset by upfront licensing fees and milestones payments received in 2012 from other collaboration partners.

Total research and development expenses increased by 6.4% to $9.3 million for the year ended December 31, 2012, from $9.9 million for the year ended December 31, 2011. For the fourth quarter 2012, research and development expenses were relatively consistent at $2.1 million, compared to $2.2 million in the same quarter a year ago. This year over year decrease was primarily due to the reduction of costs associated with the 2011 termination of the Alcon agreement, partially offset by the increase in costs in NovaBay's conjunctivitis and UCBE trials.

NovaBay expects to incur increasing research and development expenses in 2013 and in subsequent years as it continues to increase its focus on developing product candidates, both independently and in collaboration with our partners. In particular, the company expects to incur ongoing clinical, chemistry, and manufacturing expenses related to four healthcare markets in which it's pursuing opportunities: ophthalmology, dermatology, urology, and advanced wound care.

General and administrative expenses increased 10.0% to $6.0 million in 2012, compared to $5.4 million in 2011, reflecting an increase in marketing and and support for the distribution of NeutroPhase. The company expects that general and administrative expenses will increase slightly as it continues to market its NeutroPhase product in 2013 and provide general support for the growth in our clinical trials.

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