Clinical Results From Three Aganocide ® Trials Expected in Second Half of 2013
EMERYVILLE, Calif., May 2, 2013 (GLOBE NEWSWIRE) -- NovaBay Pharmaceuticals, Inc. (NYSE MKT:NBY), a clinical-stage biotechnology company focused on the large global, topical anti-infective market, today reported first quarter financial results and provided a clinical update for the remainder of 2013.
Dr. Ron Najafi, Chairman and CEO of NovaBay Pharmaceuticals, commented: "All three of our Aganocide programs - in urology, dermatology, and ophthalmology - are now in Phase 2 clinical trials, and we are expecting results from each of these trials in 2013. We continue to strengthen our portfolio of drugs and medical devices that fulfill our mission of going 'beyond antibiotics.' By providing a treatment alternative to the several currently available resistance-producing topical antibiotics, we believe our technology has the potential to slow down the steady advance of antibiotic resistance."First Quarter 2013 Results Cash, cash equivalents, and short-term investments totaled $13.2 million on March 31, 2013, compared with $16.9 million on December 31, 2012, a decrease of approximately $3.7 million. The decrease in cash was primarily attributable to an increase in NovaBay's research and development expenses related to continued expansion of enrollment in its multiple clinical trials, with results expected before the end of 2013, as well as general and administrative expenses. NovaBay's license and collaboration revenue for the first quarter 2013 was $0.9 million, compared to $1.3 million for the three months ended March 31, 2012. This decrease was related to lower reimbursable costs for the support of the impetigo trial as the trial progresses. NovaBay did not recognize any other significant revenues for the three months ended March 31, 2013. Research and development expenses for the three months ended March 31, 2013, were $2.9 million, compared to $2.3 million for the same period in 2012. The increase is related to the clinical trial activities and patient enrollment as NovaBay continues to conduct its BAYNovation TM ophthalmology trial for viral conjunctivitis and its urology trial for UCBE and scales up its production of auriclosene in anticipation of the Phase 3 impetigo trial to be conducted by Galderma. Galderma is expected to reimburse NovaBay for a portion of the production expenses in the future. General and administrative expenses for the three months ended March 31, 2013, remained relatively flat at $1.5 million compared to the three months ended March 31, 2012. NovaBay expects general and administrative expenses to continue to remain relatively flat for the remainder of 2013 as compared to 2012.