EMERYVILLE, Calif., June 29, 2011 (GLOBE NEWSWIRE) -- NovaBay Pharmaceuticals, Inc. (NYSE-Amex:NBY) announced that it has entered into definitive subscription agreements with investors, including a select number of institutional investors, pursuant to a registered direct offering for the sale of units consisting of (i) one share of common stock and (ii) one warrant to purchase 0.75 of a share of common stock (or a total of 3,488,005 shares), at a purchase price of $1.11 per unit. The warrants will be exercisable 180 days after issuance at $1.33 per share and will expire five years from the date of issuance. The shares of common stock and warrants are immediately separable and will be issued separately. There is not expected to be a public trading market for the units or the warrants.
