News Column

NovaBay Pharmaceuticals Reports Second Quarter 2014 Financial Results and a Clinical/Business Update

August 13, 2014



By a News Reporter-Staff News Editor at Biotech Week -- NovaBay Pharmaceuticals, Inc. (NYSE MKT:NBY), a biopharmaceutical company focusing on the development and commercialization of its non-antibiotic anti-infectives, reported second quarter 2014 financial results and provided a clinical and commercialization update (see also NovaBay Pharmaceuticals, Inc.).

"In July, we announced a major marketing and commercialization campaign for the company's new product, i-LidTMCleanser. The effort is led by Glenn Moro, our new Vice President of Sales and Marketing, who has a long and successful track record of launching products in this ophthalmology and optometry space," commented Ron Najafi, Ph.D., Chairman and CEO of NovaBay Pharmaceuticals.

"i-Lid Cleanser is the first prescription, non-detergent, non-irritating, non-antibiotic lid and lash hygiene product. Current lid and lash hygiene products are detergent-based, can cause contact dermatitis, and simply do not offer the same advantages of i-Lid Cleanser. The marketing campaign will target U.S. eye care professionals treating the estimated 36 million patients suffering from blepharitis and other chronic eye conditions."

"We also recently reported that enrollment in our BAYnovation clinical trial for viral conjunctivitis has been completed and we are in the process of accumulating the data from U.S. and international sites. We anticipate reporting top-line results mid-August," concluded Dr. Najafi. Second Quarter 2014 Results Net loss for the quarter ended June 30, 2014 was $2.9 million, compared to a net loss of $4.0 million for the same period last year. The lower expenses are due to the winding down of our BAYnovation clinical trial. Cash, cash equivalents, and short-term investments decreased by approximately $1.5 million to $11.6 million on June 30, 2014, compared with $13.1 million on December 31, 2013. The decrease in cash balance was primarily attributable to our spending in multiple clinical trials, partially offset by $6.0 million in net cash proceeds from a March 2014 financing as well as approximately $0.5 million the company raised through its ATM agreement during the quarter ending March 31, 2014.

NovaBay's license, collaboration, distribution, and product revenue for the quarter ended June 30, 2014 was $0.1 million, compared to $0.8 million for the same period last year. The decrease in license, collaboration, distribution and product revenue was related to the full amortization of the upfront payments from Galderma in 2013 and the end of the FTE funding period of the same contract. NovaBay did not recognize any other significant revenues for the three months ended June 30, 2014.

Research and development expenses for the three months ended June 30, 2014 were $2.2 million, compared to $2.9 million for the same period last year. The changes over the period relate to the decrease in clinical activities as NovaBay nears completion of its viral and bacterial conjunctivitis trials. In addition, the company completed its urology (UROvation) trial in the second half of 2013.

Keywords for this news article include: NovaBay Pharmaceuticals Inc, Marketing, Advertising, Investment and Finance.

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Source: Biotech Week


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