NovaBay Pharmaceuticals Inc. develops first-in-class, anti-infective compounds for the treatment and prevention of antibiotic-resistant infections. The company today reported second-quarter financial results and gave an update on the clinical progress of its in-house programs.
NovaBay reported a second-quarter net loss of $1.2 million, or $0.05 cents per share, compared with a net loss of $289,000, or $0.01 per share in the second quarter a year ago. The company attributes the larger net loss primarily to increasing research and development expenses.
As of June 30, 2010, the company reported cash, cash equivalents and short-term investments of $11.2 million, compared with $13.7 million at the end of the previous quarter, and $11.3 million on December 31, 2009.
NovaBay posted license and collaboration revenue for the three months ended June 30, 2010 at $2.6 million, compared with $2.4 million for the same period a year ago. NovaBay earns license and collaboration revenue from two corporate partnerships, Alcon Manufacturing Ltd. and Galderma. With Alcon, NovaBay is collaboratively developing its Aganocide(R) compounds for the treatment of eye, ear and sinus infections, as well as for the care of contact lenses. NovaBay is working with partner Galderma S.A. to develop NovaBay’s Aganocide compounds for major dermatologic conditions.
The company also highlighted second-quarter operational results, noting its continued investments in its mid-stage clinical programs. NovaBay completed a phase 2a trial in impetigo and further advanced plans for a trial to prevent catheter blockage and encrustation, and plans to launch a multi-center phase 2 trial for the prevention of catheter blockage and encrustation and a phase 2b trial for the treatment of impetigo, a highly contagious skin infection affecting roughly 1 million people in the United States annually, in the fourth quarter.
NovaBay also reported positive results from a phase 2a trial in impetigo. In this trial, the company’s NVC-422 demonstrated safety and efficacy in treating impetigo.
Company chairman and CEO Ron Najafi said the company’s second-quarter efforts have positioned it to conduct key programs later in the year.
“This was an extremely exciting quarter for NovaBay, as our lead product candidate was shown to be successful in treating impetigo in a clinical trial of more than 120 patients,” Najafi stated in the press release. “This continued momentum comes on the heels of our successful phase 2 trial in the previous quarter of a treatment for bacteriuria, or bacteria in the urine, in chronically catheterized patients. We are gratified that our hard work is paying off, as we prepare these two important proprietary programs for additional trials later this year.”
The company also highlighted its notice of allowance from the U.S. Patent and Trademark Office for its portfolio of anti-effective compounds, which is expected to expand the company’s patent protection for its Aganocide compounds, as well as positive results from its phase 2a trial of NVC-422.
For more information visit www.novabaypharma.com
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