NovaBay Pharmaceuticals, Inc. Reports First Quarter 2009 Financi... (pre-clinical and clinical research data ...)

NovaBay Pharmaceuticals, Inc. Reports First Quarter 2009 Financial Results

Date:5/18/2009

pre-clinical and clinical research data on N-chlorotaurine (NCT), a natural antimicrobial produced by the body's white blood cells which is the biological basis for NovaBay's Aganocides, in multiple disease indications. In addition, NovaBay also owns the rights to successful human proof of concept trials of NCT in otitis externa (ear infection) and viral conjunctivitis (pink eye) that is expected to provide guidance for NovaBay's and its partners' future clinical programs.

First Quarter 2009 Financial Results

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. License and collaboration revenue consists of the amortization of the upfront technology access fees previously paid, and reimbursements for the funding of research and development activities, and payments for milestones from Alcon and Galderma.

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.

Research and development expenses for the quarter ended March 31, 2009 totaled $1.4 million, compared to $2.6 million for the quarter ended March 31, 2008. The decrease was due to budget reductions at year end 2008 resulting in decreased headcount, and delayed research, development, and clinical expenses. However, the company expects to incur increasing research, development and clinical expenses in the remainder of 2009 as programs to develop product candidates move forward, both independently and in collaboration with Alcon and now Galderma.

General and administrative expenses for the quarter ended March 31, 2009 were $1.6 million, compared to $1.7 million in the comparable 2008 period. Employee costs related to general and administrative expenses decreased as a re
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