NovaBay reports $3.6 million quarterly net loss
NovaBay Pharmaceuticals reported a net loss of $3.6 million for the first quarter of 2014, compared with a loss of $4 million for the same period in 2013, according to a press release.
Cash, cash equivalents and short-term investments increased to $15.2 million, compared with $13.1 million in the second quarter 2013. License and collaboration revenue was $300,000, down from $1 million in the first quarter 2013.
Research and development expenses totaled $2.5 million, compared with $2.9 million in the first quarter 2013. The decrease was attributed to a reduction in clinical activities as NovaBay completes trials, including ones for viral and bacterial conjunctivitis.
General and administrative expenses totaled $1.7 million, compared with $1.6 million in the first quarter of 2013. This was attributed mainly to increased business development related to a product launch and planned commercialization of the company’s ophthalmology and dermatology business units.