After trading in red for a few days, NovaBay Pharmaceuticals Inc. (NBY) rebounds to gain 12.89% in the aftermarket on December 06. In the previous trading session, the stock lost 3.41% to close at $0.4250 with 1.38 million shares exchanging. In the after-hours, the stock went up to reach $0.48 with 860.96K shares.
Over the past five sessions, the NBY stock has lost 12.26% and a further 27.97% in the past month.
NBY stock and Recent Developments
Founded in 2000, NovaBay Pharmaceuticals Inc. (NBY) develops eye-care and skincare products. It has a market capitalization of 19.7M for its 44.96M outstanding shares.
Recently, the company’s CEO issued a letter to stockholders on November 18. Prior to which the company had completed the acquisition of DERMAdoctor. Furthermore, NBY has also closed its previously announced $15.0 million private placement.
NBY CEO’s Letter
The letter issued by the company’s CEO, Justin Hall on November 18, contained his thoughts on the company’s acquisition of DERMAdoctor. According to Justin Hall, the acquisition of DERMAdoctor has put the company on a new growth trajectory due to many reasons. These reasons include strong financials and fundamentals along with product portfolio expansion, increased market presence, expertise, and warehouse and front-office synergies.
Furthermore, the letter also announced a Special Meeting of Stockholder, which is to be held on December 17, 2021, for discussing various proposals.
DERMAdoctor Acquisition
On November 08, NBY disclosed that it has completed the previously announced acquisition of DERMAdoctor, LLC. DERMAdoctor commercializes over 30 dermatologist-developed skincare products. These products are sold internationally through both physical and online networks of retailers.
The November 08’s announcement also contained details of the conference call for discussing third-quarter financials and plans for the combined companies.
Private Placement Closing
On November 03, NBY declared the closing of its previously announced private placement. The private placement resulted in gross proceeds of $15.0 million. Further, the gross proceeds of the placement were used for the acquisition of DERMAdoctor.
NBY in Numbers
NovaBay Pharmaceuticals Inc. (NBY) reported its third-quarter financial results on November 11, 2021. The net product revenue was $1.8 million in the third quarter of 2021, compared to $2.2 million in Q3 2020.
Moreover, in the third quarter of 2021, the company incurred a net loss of $2.3 million, against $3.2 million in Q3 2020. Consequently, the net loss per share in Q3 2021, was $0.05, against $0.08 in the third quarter of 2020.
