EMERYVILLE, Calif.--(BUSINESS WIRE)--NovaBay® Pharmaceuticals, Inc. (NYSE MKT: NBY) today announced receipt of a letter from NYSE MKT LLC (“NYSE MKT” or the “Exchange”) on April 28, 2015, stating that its stockholders equity, as of December 31, 2014, is below the minimum requirements of Sections 1003(a)(ii) and (iii) of the NYSE MKT Company Guide (the “Company Guide”).
In order to maintain its listing, NovaBay Pharmaceuticals must submit a plan of compliance by May 28, 2015, addressing how it intends to regain compliance with Section(s) 1003(a)(ii)-(iii) of the Company Guide within 18 months, or by November 28, 2016.
If the plan is accepted, NovaBay Pharmaceuticals may be able to continue its listing but will be subject to periodic reviews by the Exchange. If the plan is not accepted or if it is accepted but NovaBay Pharmaceuticals is not in compliance with the continued listing standards within 18 months, or by November 28, 2016, or if NovaBay Pharmaceuticals does not make progress consistent with the plan, the Exchange will initiate delisting procedures as appropriate.
NovaBay Pharmaceuticals’ management is pursuing options to address the deficiency and intends to submit a compliance plan on or before the deadline set by the Exchange.
About NovaBay Pharmaceuticals, Inc.: Going Beyond Antibiotics®
NovaBay Pharmaceuticals is a biopharmaceutical company focusing on commercializing and developing its non-antibiotic anti-infective products to address the unmet therapeutic needs of the global, topical anti-infective market with its two distinct product categories: the NEUTROX™ Family of Products, including AVENOVA™ for the eye care market and NEUTROPHASE® for wound care, which was initially cleared by the FDA, and CELLERX™ for the dermatology market; and its AGANOCIDE® compounds, led by AURICLOSENE™. NovaBay is partnered in the U.S. and around the globe with: PBE, Inc. (USA), IHT, Inc. (USA), Galderma (France), Virbac (France), China Pioneer Pharma (China and Southeast Asia), Shin Poong Pharmaceuticals (South Korea), Biopharm (North Africa and Middle East), Sarmedic Ltd (Israel) and Alpha Pharma LLC (Ukraine).
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