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NovaBay posts $2.7 million net loss for first quarter

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EMERYVILLE, Calif. — NovaBay Pharmaceuticals reported a net loss of $2.7 million, or $0.13 per share for the first quarter, compared with a net loss of $0.9 million, or $0.07 per share, for the first quarter of 2007, the company announced in a press release.

NovaBay's license and collaboration revenue totaled $1.5 million for the quarter, unchanged compared to revenue from last year's first quarter.

Research and development expenses totaled $2.6 million for the quarter, an 81% increase compared with $1.5 million for the same period last year.

In a separate release, NovaBay announced positive results from a phase 2 exploratory trial of the non-antibiotic, anti-infective compound NVC-422 in patients carrying Staphylococcus aureus in their nasal passages. In addition, the company plans to maintain its partnership with Alcon to develop NVC-422 for eye, ear and sinus applications, as well as for use in contact lens solutions, according to the release.