NovaBay Pharmaceuticals, a clinical stage biopharmaceutical company, has reported a net loss of $1.5m, or $0.07 per share, for the fourth quarter of 2008, compared to a net loss of $1.4m, or $0.09 per share, for the fourth quarter of 2007.
The license and collaboration revenue for the fourth quarter of 2008 increased 44% to $2.2m from $1.5m for the fourth quarter of 2007. For the year ended December 31, 2008, the company reported revenues of $6.72m compared to $5.91m for the same period of 2007.
The net loss for the year ended December 31, 2008 was $8.11m, or $0.38 per share, compared to a net loss of $5.4m, or $0.60 per share for the year ended December 31, 2007.
Ron Najafi, chairman and CEO of NovaBay, said: We have built on this solid progress in 2009, as evidenced by our recently announced exclusive agreement with Galderma to develop and commercialize our Aganocides for major dermatological conditions. This is NovaBay’s second collaboration with a worldwide market leader after our alliance with Alcon in the ophthalmic, otic and sinusitis fields.
We expect to maintain a low cash burn in 2009 as we work closely with our partners that fund clinical development costs, and as we focus investment on developing our earlier-stage internal pipeline programs for which we anticipate proof-of-concept data later this year.