NovaBay Pharmaceuticals, Inc. announced that it expects to receive $2.399997 million in funding
June 16, 2019
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NovaBay Pharmaceuticals, Inc. (AMEX:NBY) announced that it has entered into a securities purchase agreement for private placement of 1,371,427 common shares at an issue price of $1.75 per share for aggregate gross proceeds of $2,400,000 on June 17, 2019. The company will also issue 1,371,427 warrants with each share issued in the transaction. The transaction will involve participation from accredited investors, Xiao Rui Liu for 571,428 shares and 571,428 warrants for $1,000,000, Hai Dong Pang for 228,571 shares and 228,571 warrants for $400,000, and Ping Huang for 571,428 shares and 571,428 warrants for $1,000,000. The warrants will have one year term and an exercise price of $0.87 per share, callable by the company if the closing price of the company’s common stock is $1 or greater. The shares issued in the transaction have a par value of $0.01 per share. The company will issue securities pursuant to exemption provided under Regulation D. The transaction is expected to close in June 2019, following the satisfaction of certain closing conditions. The company expects to terminate the agreement of the closing has not been consummated on or before June 27, 2019.
NovaBay Pharmaceuticals, Inc. is a pharmaceutical company that develops and sells consumer products for the eyecare and skincare markets. The Company's lead product, Avenova Antimicrobial Lid and Lash Solution (Avenova Spray), is proven in laboratory testing to have antimicrobial properties as it removes foreign material, such as microorganisms and debris from the skin around the eye, including the eyelid. Avenova Spray is formulated with its form of hypochlorous acid and is cleared by the United States Food and Drug Administration (FDA) for sale in the United States. Its other eyecare products offered under the Avenova eyecare brand include Novawipes by Avenova, Avenova Lubricant Eye Drops, Avenova Moist Heating Eye Compress and the i-Chek. Avenova Spray is available both over-the-counter and as a prescription. Avenova Spray is also available at optometrists and ophthalmologists offices; at national pharmacy chains across all over 50 states, and through its Partner Pharmacy Program.
NOVABAY PHARMACEUTICALS 
