NovaBay Pharmaceuticals Raises $2.4 Million in a Private Placement
June 26 2019 - 4:05PM
Business Wire
NovaBay® Pharmaceuticals, Inc.
(NYSE American: NBY), a biopharmaceutical company focusing on
commercializing Avenova® for the domestic eye care market,
announces the closing of a private placement of common stock and
warrants with accredited investors, raising gross proceeds of $2.4
million. NovaBay also announces an extension of the maturity date
of a $1 million loan agreement with Pioneer Pharma (Hong Kong)
Company Limited from July 27, 2019 to July 1, 2020.
Investors in the private placement purchased 1,371,427 units at
a price of $1.75 per unit. Each unit consists of one share of
common stock and a one-year warrant to purchase one share of common
stock at an exercise price of $0.87. China Kington Asset Management
Co. Ltd. served as the placement agent for the offering.
The Company will use the proceeds from this private placement
for working capital and general corporate purposes, including the
launch of Avenova Direct through Amazon.
“We are fully committed to growing sales of Avenova through all
three distribution channels,” said Justin Hall, President and CEO.
“We appreciate the support of investors in helping us achieve our
commercialization goals.”
This press release does not constitute an offer to sell or the
solicitation of an offer to buy the securities, nor shall there be
any sale of the securities in any state in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of such state.
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 future momentum and online
sales, Board and executive composition, 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 our ability to remain a publicly listed
company, maintain the support of our majority shareholders, and
ability to adhere to our approved NYSE compliance plan. 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.
Socialize and Stay informed on NovaBay’s progress: Like
us on Facebook Follow us on Twitter Connect with NovaBay on
LinkedIn Visit NovaBay’s Website
Avenova Purchasing Information For NovaBay Avenova
purchasing information: Please call 800-890-0329 or email
sales@avenova.com. www.Avenova.com
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version on businesswire.com: https://www.businesswire.com/news/home/20190626005716/en/
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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