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Clinical Results From Three Aganocide ® Trials to be Reported Over the Next Three to Nine Months
EMERYVILLE, Calif., Aug. 1, 2013 (GLOBE NEWSWIRE) -- NovaBay Pharmaceuticals, Inc. (NYSE:NBY), an advanced clinical-stage biotechnology company focused on the topical, anti-infective market, today reported second quarter 2013 financial results and provided a clinical update.
Dr. Ron Najafi, Chairman and CEO of NovaBay Pharmaceuticals, commented: "We expect to report data from our urology trial in the third quarter, followed by the data from our dermatology and ophthalmology trials by the end of 2013 and in the first half of 2014, respectively. Positive data from these trials will provide the validation we need to continue discussions with current and potential partners as well as the FDA. Our portfolio of novel, topical anti-infectives fulfills our mission of going 'beyond antibiotics' by providing a safe and effective alternative to kill bacteria without developing resistance. Additionally, Aganocides do not linger in the environment and thus have significant environmental benefits over classical topical antibiotics."
Second Quarter 2013 Results
Net loss for the quarter ended June 30, 2013 was $4.1 million, compared to $2.3 million for the same period last year, due to the clinical trial activities. Cash, cash equivalents, and short-term investments totaled $11.4 million on June 30, 2013, compared with $16.9 million on December 31, 2012, a decrease of approximately $5.5 million. The decrease in cash was primarily attributable to an increase in enrollment in multiple clinical trials as well as an increase in general and administrative expenses.
NovaBay's license and collaboration revenue for the second quarter of 2013 was $0.8 million, compared to $0.9 million for the three months ended June 30, 2012. This decrease was related to lower reimbursable costs for the support of the impetigo trial. NovaBay did not recognize any other significant revenues for the three months ended June 30, 2013.