NovaBay Pharmaceuticals announced stockholder approval to issue NovaBay common stock as part of a $10.32 million financing agreement with Ch-gemstone Capital (Beijing) Co.. The vote was announced at a special meeting of stockholders held December 20, 2017.
“We appreciate our stockholders’ support for this financing with an investor that has expressed interest in NovaBay’s long-term success,” said Mark M. Sieczkarek, NovaBay’s President and CEO. “We look forward to completing this financing and plan to use these funds to advance our Avenova growth strategy.”
On November 20, 2017, NovaBay entered into an agreement with Ch-gemstone Capital (Beijing) Co., Ltd to purchase 2.4 million shares of NovaBay common stock for $10.32 million. The private placement is expected to close in January 2018, subject to the satisfaction of certain closing conditions, including approval for funds transfer by the applicable regulatory authorities in China.
NovaBay Pharmaceuticals 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.