EMERYVILLE, Calif.--(BUSINESS WIRE)--NovaBay® Pharmaceuticals, Inc. (NYSE American: NBY), a biopharmaceutical company focusing on commercializing prescription Avenova® for the domestic eye care market, announces stockholder approval to issue NovaBay common stock as part of a $10.32 million financing agreement with Ch-gemstone Capital (Beijing) Co., Ltd. The vote was announced at a Special Meeting of Stockholders held December 20, 2017.
“We appreciate our stockholders’ support for this financing with an investor that has expressed interest in NovaBay’s long-term success,” said Mark M. Sieczkarek, NovaBay’s President and CEO. “We look forward to completing this financing and plan to use these funds to advance our Avenova growth strategy.”
On November 20, 2017, NovaBay entered into an agreement with Ch-gemstone Capital (Beijing) Co., Ltd to purchase 2.4 million shares of NovaBay common stock for $10.32 million. The private placement is expected to close in January 2018, subject to the satisfaction of certain closing conditions, including approval for funds transfer by the applicable regulatory authorities in China.
About NovaBay Pharmaceuticals, Inc.: Going Beyond Antibiotics®
NovaBay
Pharmaceuticals, Inc. 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 and the AGANOCIDE®
compounds. The Neutrox family of products includes AVENOVA®
for the eye care market, NEUTROPHASE® for wound care market,
and CELLERX® for the aesthetic dermatology market. The
Aganocide compounds, still under development, have target applications
in the dermatology and urology markets.
Forward-Looking Statements
This release contains
forward-looking statements that are based upon management's current
expectations, assumptions, estimates, projections and beliefs. These
statements include, but are not limited to, statements regarding our
ability to successfully close any potential future equity financing.
These 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 manufacturing,
distributing, and selling the Company's products, unexpected adverse
side effects or inadequate therapeutic efficacy of our product, the
uncertainty of patent protection for the Company's intellectual
property, and any potential regulatory problems. Other risks relating to
NovaBay’s business, including risks that could cause results to differ
materially from those projected in the forward-looking statements in
this press release, are detailed in NovaBay's latest Form 10-K and Form
10-Q filings with the Securities and Exchange Commission, especially
under the heading "Risk Factors." 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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