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

Net loss for 2012 was $7.0 million, compared to $5.1 million for 2011. For the fourth quarter 2012, net loss was $2.4 million, or $0.08 per diluted share, compared with a net loss of $3.6 million, or $0.13 per diluted share, in the same quarter a year ago. This change was primarily a result of the revenue changes noted above, and was also reflective of the updated share count following the company's December capital raise, which increased the number of shares outstanding from 25.8 million shares at December 31, 2011, to 29.4 million shares outstanding at December 31, 2012.

Recent Highlights

  • December 2012 - NovaBay Priced a Public Offering of Common Stock and Warrants. NovaBay priced an underwritten public offering of an aggregate of 5,900,000 shares of its common stock, at a price to the public of $1.25 per share, and one-year warrants to purchase up to an aggregate of 4,425,000 shares of common stock. The net proceeds to NovaBay from this offering were approximately $6.34 million, after deducting underwriting discounts and commissions and other estimated offering expenses, but excluding the exercise of any warrants. If the warrants are exercised in full NovaBay would receive an additional approximately $6.64 million.
  • January 2013 - NovaBay Expanded Global Ophthalmology Study of Pink Eye to India. NovaBay announced that the first patients were enrolled in India into its global Phase 2b BAYnovation clinical study, investigating NVC-422 Ophthalmic Solution as a treatment of adenoviral conjunctivitis, a highly contagious form of "pink eye" for which there is an unmet ocular medical need. BAYnovation is a multi-centered, randomized clinical study expected to enroll approximately 450 patients with confirmed adenoviral conjunctivitis throughout the United States, India and Brazil. The study will be conducted in over 60 clinical trial sites worldwide, with 24 sites in India.
  • February 2013 - NovaBay Partner Galderma Expands Phase 2b Trial Enrollment to South Africa. NovaBay partner Galderma S.A., a global leading pharmaceutical company exclusively focused on dermatology, has initiated the South African arm of its Phase 2b clinical study of a proprietary topical formulation of NVC-422 (CD07223) for the treatment of impetigo. Designed to confirm efficacy and evaluate two different dosage regimens, the study is expected to enroll over 300 patients at 24 clinical sites in four countries worldwide. The first patients were enrolled in the U.S. arm of the study in September 2012.
  • February 2013 - NovaBay Receives Unique Globally Recognized International Nonproprietary Name Auriclosene for NVC-422. NovaBay announced that the World Health Organization (WHO) has approved the international nonproprietary name (INN) "auriclosene" (pronounced awr-rih-CLO-zeen) for NovaBay's lead Aganocide® compound NVC-422. INNs facilitate the identification of active pharmaceutical ingredients, and each INN is a globally recognized unique name.

About NovaBay Pharmaceuticals, Inc.

Going Beyond Antibiotics

NovaBay Pharmaceuticals is a biotechnology company focused on addressing the large unmet therapeutic needs of the global anti-infective market with its two distinct categories of compounds, Aganocides® and NeutroPhase® Skin and Wound Cleanser. The Company's four core business units, DermaBay, UroBay, EyeBay and MediBay, are developing treatments that tackle infections in the dermatology, urology, ophthalmology, and wound care areas.

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