NovaBay Pharmaceuticals Announces Pricing of $4.2 Million Registered Direct Offering
August 09 2019 - 09:22AM
NovaBay® Pharmaceuticals, Inc. (NYSE American: NBY), a
biopharmaceutical company focusing on commercializing Avenova for
the domestic eye care market, today announced that it has entered
into a securities purchase agreement with certain institutional
investors providing for the purchase and sale of 4,198,566 shares
of common stock at a price of $1.00 per share in a registered
direct offering, resulting in total gross proceeds of approximately
$4.2 million. The Company also agreed to issue unregistered
warrants to the investors in a concurrent private placement to
purchase up to one share of common stock for each share purchased
with an exercise price of $1.15 per share. The warrants will be
exercisable six months after issuance and will expire five and a
half years following the date of issuance. The closing of the sale
of the securities is expected to take place on or about August 13,
2019, subject to the satisfaction of customary closing conditions.
Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg
Thalmann Financial Services Inc., (NYSE American: LTS) is acting as
exclusive placement agent for the registered direct offering and
concurrent private placement.
The shares of common stock were offered pursuant to a shelf
registration statement on Form S-3 (File No. 333-232860), which was
declared effective by the United States Securities and Exchange
Commission (“SEC”) on July 31, 2019. The warrants and shares
issuable upon exercise of the warrants were offered in a concurrent
private placement and have not been registered under the Securities
Act of 1933, as amended.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy, nor will there be any sales of
these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such jurisdiction. A
prospectus supplement relating to the shares of common stock will
be filed by the Company with the SEC. When available, copies of the
prospectus supplement, together with the accompanying prospectus,
can be obtained at the SEC’s website at www.sec.gov or from
Ladenburg Thalmann & Co. Inc., Prospectus Department, 277 Park
Avenue, 26th Floor, New York, New York 10172 or by email at
prospectus@ladenburg.com.
About Avenova®Avenova is an eye care product
formulated with our proprietary, stable and pure form of
hypochlorous acid. Avenova is designed for removal of the
microorganisms and debris that contribute to conditions such as
meibomian gland dysfunction, dry eye and blepharitis. Avenova
is marketed to optometrists and ophthalmologists throughout the
U.S. by NovaBay’s direct salesforce and available online
direct-to-consumer through Amazon.com.
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 StatementsThis 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 business strategies and future focus, our estimated
future revenue, and generally the Company’s expected future
financial results. 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 the
size of the potential market for our products, improving sales rep
productivity and product distribution, obtaining adequate insurance
reimbursement, 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-Q/K 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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Avenova Purchasing Information
For NovaBay Avenova purchasing information:
Please call 800-890-0329 or email sales@avenova.com.
www.Avenova.com
NovaBay Contact
Justin Hall
President and Chief Executive Officer
510-899-8800
jhall@novabay.com
Investor Contact
LHA Investor Relations
Jody Cain
310-691-7100
jcain@lhai.com
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