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NovaBay Pharmaceuticals, Inc. Announces Fourth Quarter and Full Year 2008 Financial Results
Date:4/1/2009

2008 and Recent Events Highlighted

EMERYVILLE, Calif., April 1, /PRNewswire-FirstCall/ -- NovaBay Pharmaceuticals, Inc. (NYSE Amex: NBY), a mid-stage biopharmaceutical company developing first-in-class anti-infective products for the treatment and prevention of a wide range of infections without causing resistance, reported today its financial results for the fourth quarter and full year ended December 31, 2008. The company also announced clinical development progress and operational highlights during the year 2008.

License and collaboration revenue for the fourth quarter of 2008 increased 44% to $2.2 million from $1.5 million for the fourth quarter of 2007. The net loss for the fourth quarter of 2008 was $(1.5) million, or $(0.07) per share, compared to a net loss of $(1.4) million, or $(0.09) per share, reported for the fourth quarter of 2007. License and collaboration revenue for the year ended December 31, 2008 increased 14% to $6.7 million, from $5.9 million for the year ended December 31, 2007. The net loss for the year ended December 31, 2008 was $8.1 million, or $(0.38) per share, compared to a net loss of $5.4 million, or $(0.60) per share reported for the year ended December 31, 2007. As of December 31, 2008, the company's cash and cash equivalents totaled $12.1 million.

"During 2008, NovaBay continued to advance development of our Aganocide(R) compounds, our proprietary, first-in-class anti-infective products that are designed to mimic the human body's natural defense against infection without developing resistance," said Dr. Ron Najafi, chairman and chief executive officer of NovaBay. "We have built on this solid progress in 2009, as evidenced by our recently announced exclusive agreement with Galderma to develop and commercialize our Aganocides for major dermatological conditions. This is NovaBay
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SOURCE NovaBay Pharmaceuticals, Inc.
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