NovaBay Pharmaceuticals, Inc. Announces Expansion of Strategic Marketing Agreement for NeutroPhase® in Southeast Asia
9/14/2012 8:56:16 AM
EMERYVILLE, Calif., Sept. 14, 2012 (GLOBE NEWSWIRE) -- NovaBay® Pharmaceuticals, Inc. (NYSE-MKT:NBY), today announced that it has expanded its commercial partnership agreement with Naqu Area Pioneer Pharma Co., Ltd., a Shanghai-based company that markets high-end pharmaceutical products into China, for the commercialization of NeutroPhase Skin and Wound Cleanser in select Asian markets in addition to China. Under the terms of the agreement, NovaBay will receive an upfront payment of $500,000, with additional payments totaling $200,000 that may be triggered by certain milestones. In addition, Pioneer Pharma (Singapore) Pte Ltd., an affiliate of Naqu Area Pioneer Pharma Co., Ltd., has agreed to make a two-tranche equity investment in unregistered and untradeable NovaBay common stock that could reach $5.5 million. After an initial investment of $1.0 million immediately, plus another $1.5 million contingent on obtaining regulatory approval, for the issuance of units consisting of shares and warrants (a total of two million shares and warrants to purchase two million shares) in 2012, Pioneer has the option to invest up to another two million shares at $1.50 per share over the next twelve months upon exercise of the warrants.