NovaBay Pharmaceuticals, Inc. announced that it expects to receive $2.7 million in funding
August 07, 2019
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NovaBay Pharmaceuticals, Inc. (AMEX:NBY) announced that it has entered into securities purchase agreement with certain non-United States based accredited existing individual investors Hai Dong Pang, Xiao Rui Liu, and Ping Huang for private placement of 2,700,000 series A non-voting convertible preferred shares at a price of $1 per preferred share for gross proceeds of $2,700,000 on August 8, 2019. The preferred shares have a conversion price of $1 per share. The company will also issue 2,700,000 common share warrants exercisable at $1.15 per share upon shareholder's approval and have a term of exercise equal to 5.5 years from the date of issuance. The preferred shares issued pursuant to the transaction are convertible into preferred warrant to purchase one share of common share of the company. Hai Dong Pang for 800,000 preferred shares $800,000, Xiao Rui Liu for 400,000 preferred shares for $400,000, and Ping Huang 1,500,000 preferred shares for $1,500,000. The company will issue securities pursuant to exemption provided under Regulation D. The transaction is expected to close on August 13, 2019, following the satisfaction of certain closing conditions.
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 
