NovaBay Pharmaceuticals has filed to come public via an IPO, although this one is being put on the American Stock Exchange instead of NASDAQ or NYSE. It will also trade in Canada on the Toronto Stock Exchange, and its ticker will be NBY. Terms have not been set in the offering, but it lists up to $23 million as the amount to be raised for filing purposes. Dundee Securities is the sole underwriter.
NovaBay has developed a class of antimicrobial compounds (Aganocide compounds) that may form a platform to create products that address the treatment and prevention of bacterial infections in hospital and non-hospital settings. They also have a collaboration and licensing agreement with an affiliate of Alcon, Inc. (ACL-NYSE) to develop products incorporating Aganocide compounds for use in the eye, ear and sinus, as well as in contact lens solutions. Its major push and key development efforts are focused on Aganocide compounds NVC-422 to treat patients with infections of the eye, ear and sinus, to create an improved environment for the healing of wounds and to prevent infections that result from surgical or other hospital procedures, or that can be caused by the use of products which can introduce an infection into the body.
For all practical purposes this is a pre-revenue stage company.
Jon C. Ogg
February 15, 2007
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