NovaBay® Pharmaceuticals, Inc. (NYSE MKT: NBY) (the “Company”) announces that the Company’s audited consolidated financial statements for the fiscal year ended December 31, 2015, included in the Company’s Annual Report on Form 10-K that was filed with the Securities and Exchange Commission on March 4, 2016, contained an audit opinion from the Company’s registered public accounting firm that included a going concern qualification. This disclosure is being made pursuant to NYSE MKT Company Guide Section 610(b).
NovaBay previously announced that it had secured a $3 million non-dilutive bridge loan in January 2016 and a $2.83 million private placement in February 2016, with both financings occurring subsequent to the Form 10-K for the year ended December 31, 2015. The Company announced in the Form 10-K its plan to continue with its historical financing strategy to raise additional capital in order to fund its operations and meet its ongoing obligations.
“We are confident in our ability to drive sales growth for Avenova® in the U.S. market and are implementing an innovative sales and marketing strategy to increase product margin and profitability,” said Mark M. Sieczkarek, NovaBay’s Chairman and Interim President and CEO. “We expect that our revenues, together with our significantly reduced expenses through the restructuring of our operations in late 2015 and other cost reduction measures, will support our goal of achieving profitability from operations by the end of 2016.”
About NovaBay Pharmaceuticals, Inc.: Going Beyond Antibiotics
NovaBay Pharmaceuticals is a biopharmaceutical company focusing on the commercialization of prescription Avenova® Lid and Lash Cleanser 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. 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.
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 anticipated market acceptance of our products, future sales of our products, and the Company’s expected future financial results. Forward looking statements in this release can be identified by the words “expect,” “believe,” and “approximately,” or variations of these words. 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 or delays in manufacturing, distributing, and selling the Company’s products, unexpected adverse side effects or inadequate therapeutic efficacy of our products, the uncertainty of patent protection for the Company’s intellectual property, and the Company’s ability to obtain additional financing as necessary. 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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For NovaBay Avenova purchasing information, please contact:
Toll Free: 1-800-890-0329
At the Company
Thomas J. Paulson
Chief Financial Officer