EMERYVILLE, Calif., June 16, 2011 (GLOBE NEWSWIRE) -- NovaBay Pharmaceuticals, Inc. (NYSE Amex:NBY), a clinical stage biotechnology company developing its first-in-class, anti-infective Aganocide® compounds for the topical treatment and prevention of antibiotic-resistant infections, announces that its collaboration and license agreement with Alcon related to NovaBay’s proprietary Aganocide compounds has ended. An agreement to finalize the collaboration has been entered into by the companies, terms of which include a payment of $2,972,245 to NovaBay. The payment includes a termination fee as well as final reimbursement for R&D and personnel costs related to the collaboration. In keeping with the terms of their agreement, Alcon will return the worldwide technology license for the lead Aganocide compound NVC-422 as well as other backup compounds to NovaBay. Rights to be returned to NovaBay include all previously licensed areas in ophthalmic, otic, and sinus applications. Additionally, all FDA regulatory filings made by Alcon will be transferred to NovaBay, and NovaBay is free to continue the development of Aganocides for these areas on its own or in collaboration with new partners.
