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NovaBay Pharmaceuticals, Inc. Reports First Quarter 2009 Financial Results
Date:5/18/2009

Milestone Payment from Alcon and Initial Payments from New Galderma Collaboration Resulted in Positive Cash-Flow for the Quarter

EMERYVILLE, Calif., May 18 /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 and operational highlights for the first quarter of 2009 ended March 31, 2009.

License and collaboration revenue for the first quarter of 2009 increased 75% to $2.6 million from $1.5 million for the first quarter of 2008. This revenue consisted almost exclusively of amounts earned under license and collaboration agreements with Alcon, Inc. (NYSE: ACL), a leader in the discovery, development, and commercialization of pharmaceutical products, in particular for the treatment of eye and ear infections and for contact lens care, commencing in August of 2006, and most recently, Galderma S.A, the leading dermatology company in the world. Payments from Alcon were related to on-going research and development support and a milestone payment triggered by the clearance of an Investigational New Drug (IND) application by the U.S. Food and Drug Administration (FDA). During this quarter, a license agreement and collaboration was entered into with Galderma S.A., a leader in the discovery, development, and commercialization of pharmaceutical products and medical devices for the prevention and treatment of skin diseases, for the development of the Aganocide(R) compounds for certain dermatological indications. Under the terms of the agreement, NovaBay received an initial payment and also the first of committed month
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SOURCE NovaBay Pharmaceuticals, Inc.
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