NovaBay announces third quarter 2007 financial results

About this update from Niobay Metals Inc.

[{"type":"text","content":"\n\n\n\nEMERYVILLE, CA, Nov. 15 /CNW/ - NovaBay Pharmaceuticals, Inc. (AMEX &\nTSX: NBY), a biopharmaceutical company focused on developing non-antibiotic\nanti-infective products targeting the treatment or prevention of a wide range\nof bacterial and viral infections, today reported results for the third\nquarter ended September 30, 2007.\n\n\nNet loss for the quarter ended September 30, 2007 was $1.6 million, or\n$0.24 per share, as compared to a net loss of $1.5 million, or $0.24 per\nshare, for the third quarter of 2006. For the nine months ended September 30,\n2007, NovaBay reported a net loss of $4.0 million, or $0.62 per share, as\ncompared to a net loss of $4.2 million, or $0.76 per share, for the nine\nmonths ended September 30, 2006.\n\n\nAs of September 30, 2007, NovaBay had $6.9 million in cash, cash\nequivalents and investments. At September 30, 2007, there were outstanding\n6,632,170 shares of common stock and 19,227,195 shares of preferred stock\n(which were convertible into 9,613,554 shares of common stock).\n\n\nRecent Developments and Corporate Highlights:\n\n\n On October 31, 2007, NovaBay completed its initial public offering of\n 5,000,000 shares of common stock at a price to the public of\n $4.00 per share, and received net proceeds of approximately\n $17.2 million after deducting underwriting discounts and commissions\n of $1.4 million and other offering costs of approximately\n $1.4 million. The underwriters have an option to purchase an\n additional 750,000 shares of common stock until 30 days after the\n closing of the IPO. Upon the closing of the IPO, all shares of\n convertible preferred stock outstanding automatically converted into\n 9,613,554 shares of common stock. As of the closing of the initial\n public offering, the Company had 21,254,474 shares of common stock\n outstanding and $24.2 million in cash, cash equivalents and\n investments.\n\n At the end of September 2007, NovaBay received clearance from the\n U.S. Food and Drug Administration (FDA) for its NeutroPhase woundcare\n product. NeutroPhase is NovaBay's proprietary solution of\n hypochlorous acid, a molecule that is naturally produced by the\n body's immune system to protect against pathogens. NeutroPhase has\n been cleared by the FDA as a prescription product for moistening\n absorbent wound dressings, irrigating and cleaning mino...

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