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NovaBay stockholders approve financing

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NovaBay Pharmaceuticals Inc. announced that its stockholders approved the company to issue common stock as part of a $10.32 million financing agreement with Ch-gemstone Capital Co., Ltd.

The approval of the agreement with the Beijing-based company was announced at a special meeting of stockholders Dec. 20, according to a press release from NovaBay, which is focusing on commercializing the prescription Avenova for the domestic eye care market.

“We look forward to completing this financing and plan to use these funds to advance our Avenova growth strategy,” NovaBay President and CEO Mark M. Sieczkarek, said in the release.

On Nov. 20, NovaBay entered into an agreement with Ch-gemstone Capital to purchase 2.4 million shares of NovaBay common stock for $10.32 million, according to the press release. The private placement is expected to close in January 2018, subject to the satisfaction of certain closing conditions, including approval for funds transfer by the applicable regulatory authorities in China.