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

ly payments in support of development of compounds for acne and eventually for impetigo.

The net loss for the first quarter of 2009 was $(0.3) million, or $(0.01) per share, compared to a net loss of $(2.7) million, or $(0.13) per share, reported for the first quarter of 2008. As of March 31, 2009, the company's cash, cash equivalents and short-term investments totaled $12.9 million, up from $12.1 million at December 31, 2008. The increase was largely due to receipt of milestone payments from Alcon and upfront payments from Galderma, as well as reduced spending on overhead and delayed research and development costs.

"We believe the first quarter of 2009 was one of continued accomplishment for NovaBay as we achieved business development and clinical progress in advancing our first-in-class Aganocide(R) compounds 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. "Our collaboration with Galderma for the Aganocides in major dermatological conditions further validates the potential for our novel, potent anti-infectives. At the same time, our pipeline continued to advance during the quarter, and we recently announced an agreement with Professors Nagl and Gottardi of Medical University of Innsbruck - Austria, pioneers in the clinical evaluation of the endogenous, unstable molecule upon which NovaBay's proprietary Aganocides are based, to broaden our intellectual property portfolio and expand the clinical opportunities for the Aganocides."

First Quarter 2009 and Recent Key Achievements

  • NovaBay's alliance with Alcon, Inc. in the ophthalmic, otic and sinusitis fields continues to advance. Alcon initiated a Phase I clinical trial of NVC-422 (N,N-dichloro-2,2-dimethyltaurine), NovaBay's lead Aganocide compound, after receiving clearance of an IND app
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SOURCE NovaBay Pharmaceuticals, Inc.
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