NovaBay Pharmaceuticals Closes Initial Public Offering of Common Stock



    EMERYVILLE, CA, Oct. 31 /CNW/ - NovaBay Pharmaceuticals, Inc. (AMEX, TSX:
NBY) today announced the closing of its initial public offering of 5,000,000
shares of its common stock at a price to the public of U.S.$4.00 per share.
NovaBay has granted to the underwriters a 30-day option to purchase up to an
additional 750,000 shares at the initial public offering price to cover
over-allotments, if any. The shares are trading on the American Stock Exchange
and the Toronto Stock Exchange under the symbol "NBY".
    Dundee Securities Corporation acted as the sole book runner for the
offering, with Desjardins Securities Inc. as co-lead manager. The shares were
offered in Canada by an underwriting syndicate co-led by Dundee Securities
Corporation and Desjardins Securities Inc. and including Blackmont Capital
Inc., and in the United States by Dundee Securities Inc. and Dawson James
Securities, Inc.
    Copies of the United States prospectus may be obtained from Dawson James
Securities, Inc., Attn: Investment Banking, 925 South Federal Highway, 6th
Floor, Boca Raton, FL 33432, telephone number (866) 928-0928. Copies of the
Canadian prospectus may be obtained from Dundee Securities Corporation, 1
Adelaide St. E., Suite 2700, Toronto, Ontario M4T 1J9; Attn: Equity Capital
Markets, E-mail: ecm@dundeesecurities.com.

    This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, and there shall be no sale
of these securities in any state, province or jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state, province or
jurisdiction.

    About NovaBay

    NovaBay Pharmaceuticals, Inc. is a biopharmaceutical company focused on
developing innovative product candidates targeting the treatment or prevention
of a wide range of infections in hospital and non-hospital environments.
NovaBay has discovered and is developing a class of antimicrobial compounds,
which it has named Aganocide compounds, which are based upon small molecules
that are generated by white blood cells that defend the body against invading
pathogens. NovaBay believes that Aganocide compounds could form a platform on
which to create a variety of products to address differing needs in the
treatment and prevention of bacterial and viral infections, including
Methicillin-Resistant Staphylococcus aureus (MRSA). NovaBay has entered into a
licensing and research collaboration agreement with an affiliate of Alcon,
Inc. for use of the Aganocide compounds in the eye, ear and sinus and in
contact lens solutions and a license agreement with an affiliate of Kinetic
Concepts, Inc. for the use of NovaBay's NeutroPhase product in woundcare
applications.
    NovaBay(TM), Aganocide(TM) and NeutroPhase(TM) are trademarks of NovaBay
Pharmaceuticals, Inc. All other trademarks and trade names are the property of
their respective owners.

    Safe Harbor Statement

    This release contains forward-looking statements, which are based upon
management's current expectations, assumptions, estimates, projections and
beliefs. These statements include, but are not limited to, statements
regarding the development and potential benefits of, and the market
opportunities for, NovaBay's product candidates. Forward-looking statements
involve known and unknown risks, uncertainties and other factors that may
cause actual results or achievements to be materially different and adverse
from those expressed in or implied by the forward-looking statements. Factors
that might cause or contribute to such differences include, but are not
limited to, risks and uncertainties relating to difficulties or delays in
discovery, development, testing, regulatory approval, production and marketing
of the company's product candidates, unexpected adverse side effects or
inadequate therapeutic efficacy of the product candidates, the uncertainty of
patent protection for the company's intellectual property or trade secrets,
the company's ability to obtain additional financing as necessary and
unanticipated research and development and other costs. The forward-looking
statements in this release speak only as of this date, and NovaBay disclaims
any intent or obligation to revise or update publicly any forward-looking
statement except as required by law.

    %SEDAR: 00024946E




For further information:

For further information: Company Contacts: Jack O'Reilly, Chief
Financial Officer, Theresa Granados, Investor Relations, NovaBay
Pharmaceuticals, Inc., 5980 Horton Street, Suite 550, Emeryville, CA 94608,
(510) 899-8800, investorrelations@novabaypharma.com

Organization Profile

NOVABAY PHARMACEUTICALS, INC.

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