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NovaBay reports $4 million quarterly loss

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NovaBay Pharmaceuticals announced a $4 million net loss in the first quarter of 2017 compared with a net loss of $5.1 million in the same quarter of last year.

Research and development costs declined from $0.9 million in 2016 to $0.1 million this quarter, while sales and marketing expenses increased from $3.1 million to $3.7 million, according to a press release.

Higher revenue from Avenova, the company’s blepharitis treatment, led to product revenue of $3.7 million in the first quarter, a 123% increase compared with $1.7 million in 2016.

Cash and cash equivalents totaled $7.4 million as of March 31.