NovaBay Pharmaceuticals Completes $6.0 Million Private Placement
Wednesday, February 14, 2018 12:15 AM
EMERYVILLE, Calif.—NovaBay Pharmaceuticals
(NYSE American: NBY), a biopharmaceutical company focused on commercializing Avenova, a prescription product for the domestic eyecare market, announced the completion of a private placement of 1.7 million shares of common stock to OP Financial Investments Limited for gross proceeds of $5,984,000. OP Financial Investments Limited is an institutional investor listed on the Main Board of the Hong Kong Stock Exchange (Stock code: 01140) focused on cross-border investment opportunities. China Kington Asset Management Co. Ltd. served as placement agent for the financing.
“We believe our investment in NovaBay provides OP Financial with unique insight and fresh experience in drug commercialization, as well as an opportunity to become more familiar with the U.S. pharmaceutical industry,” said OP Financial CEO Zhang Gaobo.
Eric (Bing) Wu, partner and senior VP at China Kington Asset Management Co. Ltd., stated, “China Kington is proud to be the financial partner of NovaBay and this transaction aligns with our commitment to connect U.S. public companies with the financial resources in China and Hong Kong. We will continue to play an active role between U.S. biopharmaceutical companies and China’s financial market.”
“We are pleased to complete this financing on favorable terms to NovaBay with an investor that shares our focus on the significant long-term potential of Avenova,” said Mark M. Sieczkarek, NovaBay’s chairman, president and CEO. “While our previously announced $10.32 million private placement with Ch-gemstone Capital expired due to an issue with foreign investments by Chinese funds, we are pleased to offer this opportunity to OP Financial and are delighted to welcome them as a new shareholder. We thank China Kington for its continued commitment to our success.”