NovaBay Pharmaceuticals reports Q4 and year-end earnings

EMERYVILLE, Calif. NovaBay Pharmaceuticals reported that its revenue increased in the fourth quarter and overall year, ended Dec. 31, 2008.

With license and collaboration revenue for the fourth quarter 2008 increased 44% to $2.2 million from $1.5 million, for the full year 2008, license and collaboration revenue totaled $6.7 million, compared with $5.9 for the year 2007.

Net loss for the fourth quarter of 2008 was $1.5 million, or $0.07 per share, compared with a net loss of $1.4 million, or $0.09 per share, reported for the fourth quarter of 2007.

Meanwhile, NovaBay reported a net loss for the full year of $8.1 million, or $0.38 per share, compared with a net loss of $5.4 million, or $0.60 per share, for the full year 2007.

License and collaboration revenue consists of the amortization of the upfront technology access fees previously paid, and reimbursements for the funding of research and development activities.

NovaBay ended the quarter and year with $12.1 million in cash and cash equivalents.

Research and development expenses increased for the quarter and full year, which NovaBay contributed to the timing of pre-clinical and clinical trials, development/clinical expenses and increase of employees.

NovaBay Pharmaceuticals is a mid-stage biopharmaceutical company developing first-in-class anti-infective products for the treatment and prevention of a wide range of infections without causing resistance.