NovaBay may raise $10 million via at-the-market share sales agreement

Sale arranged with Ascendiant Capital; deal funds corporate purposes

By Devika Patel

Knoxville, Tenn., Oct. 16 – NovaBay Pharmaceuticals, Inc. negotiated a $10 million at-the-market sales agreement with agent Ascendiant Capital Markets, LLC, according to a prospectus supplement filed Thursday with the Securities and Exchange Commission. The company also terminated its November 2013 sales agreement with the agent.

Ascendiant will be paid a 3% commission.

Proceeds will be used for working capital and general corporate purposes, including research and development, clinical trials, selling and general and administrative expenses.

NovaBay Pharmaceuticals is a clinical-stage biopharmaceutical company based in Emeryville, Calif.

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