NovaBay Pharmaceuticals Successfully Regains Compliance with NYSE Continued Listing Requirements
October 31 2016 - 6:50AM
Business Wire
Affirms goal of reaching positive adjusted cash
flow from operations in December
NovaBay® Pharmaceuticals, Inc. (NYSE MKT: NBY), a
biopharmaceutical company focusing on commercializing prescription
Avenova® lid and lash hygiene for the domestic eye care market,
announces that it has regained compliance with the NYSE MKT
continued listing standards.
“Our NYSE listing is important as it creates a heightened
profile for our stock and improves our ability to attract
high-quality investors,” said Mark M. Sieczkarek, NovaBay’s
Chairman, President and CEO. “We are delighted to have executed on
our plan to regain compliance and to work with NYSE representatives
in maintaining our listing.”
On April 28, 2015, NovaBay received notice that the Company was
out of compliance with Section 1003(a) (i) of the NYSE MKT Company
Guide pertaining to shareholder equity requirements. Since then,
through a series of financings, the company has been able to raise
more than $30 million to regain compliance and maintain its listing
on the exchange.
“The recently announced $6 million of warrant exercises and the
previous $24 million that we raised over the past 18 months provide
us with a strong balance sheet and the financial stability to
maintain our liquidity,” said Sieczkarek. “The listing is important
to our longer-term growth and provides us with the needed
exposure to the public markets. Funds from our recent financing and
the exercise of warrants were key in meeting the NYSE MKT
requirements and we thank our investors and Board members for their
ongoing confidence and financial support. Our improved capital
structure will support our commercial activities aimed at growing
Avenova® sales and we are increasingly confident in our ability to
reach positive adjusted cash flow from operations by the end of
December 2016.”
NovaBay defines adjusted cash flow from operations as GAAP cash
flow from operations less changes in operating assets and
liabilities.
About NovaBay Pharmaceuticals, Inc.: Going Beyond
Antibiotics
NovaBay Pharmaceuticals is a biopharmaceutical company focusing
on the commercialization of prescription Avenova® lid and lash
hygiene for the eye care market. Avenova is formulated with
Neutrox®, which is cleared by the U.S. Food and Drug Administration
(FDA) as a 510(k) medical device. Neutrox is NovaBay’s pure
hypochlorous acid. Data from a multicenter clinical study show that
Avenova reduced bacterial load, the underlying cause of
blepharitis, on ocular skin surface by more than 90%. Laboratory
tests show that hypochlorous acid has potent antimicrobial activity
in solution yet is non-toxic to mammalian cells and also
neutralizes bacterial toxins. Avenova is marketed to optometrists
and ophthalmologists throughout the U.S. by NovaBay’s direct
medical salesforce. It is accessible from more than 90% of retail
pharmacies in the U.S. through agreements with McKesson
Corporation, Cardinal Health and AmeriSource Bergen.
Forward-Looking Statements
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 possible beneficial
effects our continued listing on the NYSE MKT may have. 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 in maintaining the
listing requirements of the NYSE MKT in the future. 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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NovaBay ContactsFor NovaBay
Avenova purchasing information, please contact:Toll Free:
1-800-890-0329www.avenova.comorFrom the
CompanyThomas J. PaulsonChief Financial
Officer510-899-8809Contact TomorInvestor
Contact:LHAJody Cain310-691-7100Jcain@lhai.com
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