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NovaBay Pharmaceuticals Closes Initial Public Offering of Common Stock
Date:10/31/2007

EMERYVILLE, Calif., Oct. 31 /PRNewswire-FirstCall/ -- NovaBay Pharmaceuticals, Inc. (Amex, TSX: NBY) today announced the closing of its initial public offering of 5,000,000 shares of its common stock at a price to the public of U.S.$4.00 per share. NovaBay has granted to the underwriters a 30-day option to purchase up to an additional 750,000 shares at the initial public offering price to cover over-allotments, if any. The shares are trading on the American Stock Exchange and the Toronto Stock Exchange under the symbol "NBY".

Dundee Securities Corporation acted as the sole book runner for the offering, with Desjardins Securities Inc. as co-lead manager. The shares were offered in Canada by an underwriting syndicate co-led by Dundee Securities Corporation and Desjardins Securities Inc. and including Blackmont Capital Inc., and in the United States by Dundee Securities Inc. and Dawson James Securities, Inc.

Copies of the United States prospectus may be obtained from Dawson James Securities, Inc., Attn: Investment Banking, 925 South Federal Highway, 6th Floor, Boca Raton, FL 33432, telephone number (866) 928-0928. Copies of the Canadian prospectus may be obtained from Dundee Securities Corporation, 1 Adelaide St. E., Suite 2700, Toronto, Ontario M4T 1J9; Attn: Equity Capital Markets, E-mail: ecm@dundeesecurities.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, and there shall be no sale of these securities in any state, province or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state, province or jurisdiction.

About NovaBay

NovaBay Pharmaceuticals, Inc. is a biopharmaceutical company focused on developing innovative product candidates targeting the treatment or prevention of a wide range of infections in hospital and non-hospital environments. NovaBay has discovered and is developing a class of antimicrobial compounds, which it has named Aganocide compounds, which are based upon small molecules that are generated by white blood cells that defend the body against invading pathogens. NovaBay believes that Aganocide compounds could form a platform on which to create a variety of products to address differing needs in the treatment and prevention of bacterial and viral infections, including Methicillin-Resistant Staphylococcus aureus (MRSA). NovaBay has entered into a licensing and research collaboration agreement with an affiliate of Alcon, Inc. for use of the Aganocide compounds in the eye, ear and sinus and in contact lens solutions and a license agreement with an affiliate of Kinetic Concepts, Inc. for the use of NovaBay's NeutroPhase product in woundcare applications.

NovaBay(TM), Aganocide(TM) and NeutroPhase(TM) are trademarks of NovaBay Pharmaceuticals, Inc. All other trademarks and trade names are the property of their respective owners.

Safe Harbor Statement

This release contains forward-looking statements, which are based upon management's current expectations, assumptions, estimates, projections and beliefs. These statements include, but are not limited to, statements regarding the development and potential benefits of, and the market opportunities for, NovaBay's product candidates. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or achievements to be materially different and adverse from those expressed in or implied by the forward-looking statements. Factors that might cause or contribute to such differences include, but are not limited to, risks and uncertainties relating to difficulties or delays in discovery, development, testing, regulatory approval, production and marketing of the company's product candidates, unexpected adverse side effects or inadequate therapeutic efficacy of the product candidates, the uncertainty of patent protection for the company's intellectual property or trade secrets, the company's ability to obtain additional financing as necessary and unanticipated research and development and other costs. The forward-looking statements in this release speak only as of this date, and NovaBay disclaims any intent or obligation to revise or update publicly any forward-looking statement except as required by law.


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SOURCE NovaBay Pharmaceuticals, Inc.
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