EMERYVILLE, CA, Nov. 15 /PRNewswire-FirstCall/ - NovaBay Pharmaceuticals, Inc. , a biopharmaceutical company focused on developing non-antibiotic anti-infective products targeting the treatment or prevention of a wide range of bacterial and viral infections, today reported results for the third quarter ended September 30, 2007.
Net loss for the quarter ended September 30, 2007 was $1.6 million, or $0.24 per share, as compared to a net loss of $1.5 million, or $0.24 per share, for the third quarter of 2006. For the nine months ended September 30, 2007, NovaBay reported a net loss of $4.0 million, or $0.62 per share, as compared to a net loss of $4.2 million, or $0.76 per share, for the nine months ended September 30, 2006.
As of September 30, 2007, NovaBay had $6.9 million in cash, cash equivalents and investments. At September 30, 2007, there were outstanding 6,632,170 shares of common stock and 19,227,195 shares of preferred stock (which were convertible into 9,613,554 shares of common stock).
NovaBay Pharmaceuticals, Inc. is a biopharmaceutical company focused on developing innovative product candidates targeting the treatment or prevention of a wide range of infections in hospital and non-hospital environments. NovaBay has discovered and is developing a class of non-antibiotic anti-infective compounds, which it has named Aganocide compounds, which are based upon small molecules that are generated by white blood cells that defend the body against invading pathogens. NovaBay believes that Aganocide compounds could form a platform on which to create a variety of products to address differing needs in the treatment and prevention of bacterial and viral infections, including Methicillin-Resistant Staphylococcus aureus (MRSA). NovaBay has entered into a licensing and research collaboration agreement with an affiliate of Alcon, Inc. for use of the Aganocide compounds in the eye, ear and sinus and in contact lens solutions and a license agreement with an affiliate of Kinetic Concepts, Inc. for the use of NovaBay’s NeutroPhase product in woundcare applications.
This release contains forward-looking statements, which are based upon management’s current expectations, assumptions, estimates, projections and beliefs. These statements include, but are not limited to, statements regarding the development and potential benefits of, and the market opportunities for, NovaBay’s product candidates. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or achievements to be materially different and adverse from those expressed in or implied by the forward-looking statements. Factors that might cause or contribute to such differences include, but are not limited to, risks and uncertainties relating to difficulties or delays in discovery, development, testing, regulatory approval, production and marketing of the company’s product candidates, unexpected adverse side effects or inadequate therapeutic efficacy of the product candidates, the uncertainty of patent protection for the company’s intellectual property or trade secrets, the company’s ability to obtain additional financing as necessary and unanticipated research and development and other costs. The forward-looking statements in this release speak only as of this date, and NovaBay disclaims any intent or obligation to revise or update publicly any forward-looking statement except as required by law.
CONTACT: Investor Relations: Theresa Granados, Manager, Investor
Relations, (510) 899-8870, tgranados@novabaypharma.com
