NovaBay Pharmaceuticals
(Amex: NBY)

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ABOUT THE COMPANY

Emeryville, California-based NovaBay Pharmaceuticals (formerly NovaCal Pharmaceuticals) focuses on developing non-antibiotic product candidates for the treatment of a wide range of infections in hospital and non-hospital environments.  Their Aganocide^® compounds are based upon the naturally-occurring small molecules generated by neutrophils (white blood cells) that defend the human body against invading pathogens. It is believed that bacteria cannot, or will not, develop resistance to these Aganocide compounds. Several strains of antibiotic-resistance bacteria have developed in humans such as MRSA (Methicillin-Resistant Staphylococcus aureus) and VRE (Vancomycin-Resistant Enterococcus) which have resulted in patient deaths.

NovaBay has development partnerships with Alcon (NYSE:ACL) and Galderma S.A.. (Nestle and L'Oreal) along with NovaBay’s own internal programs. NovaBay is pursuing a dual-track development strategy with indications in large Rx markets along with in-hospital indications. This allows for NovaBay’s penetration into both the high-volume low-price market and the low-volume high price market.

NovaBay Pharmaceuticals

DISCLOSURES AND DISCLAIMER
(as contained in the most recent Research Report)

Ratings and Price Target Changes over Past 3 Years
Initiated December 15, 2009 - Strong Speculative Buy - Price Target $4.50

Analyst Certification: The analyst whose name appears on this research report certifies that a.) All of the views expressed in this report accurately reflect his personal views about any and all of the subject securities or issuers discussed b.) No part of the analyst’s compensation is directly or indirectly related to the specific recommendations or views expressed in this research report and c.) the analyst responsible for preparing this research report may be eligible to receive other compensation based upon various factors including total revenues and profitability of the Firm, which may include revenues from investment banking and non-investment banking services.

Compensation: NextWave Research has received twenty thousand dollars for research sponsorship from NovaBay Pharmaceuticals. Neither the analyst's compensation nor the compensation received by NextWave Research is in any way related to a specific rating or target price.

Ratings Definitions: 1) Strong Buy: the stock is expected to appreciate and produce a total return of at least 40% over the next 12-18 months; 2 ) Buy: the stock is expected to appreciate and produce a total return of at least 20% over the next 12-18 months ; 3 ) Strong Speculative Buy: the stock is expected to appreciate and produce a total return of at least 40% over the next 12-18 months but the volatility and investment risk is substantially higher than our "Strong Buy" recommendation; 4) Speculative Buy: the stock is expected to appreciate and produce a total return of at least 20% over the next 12-18 months but the volatility and investment risk is substantially higher than our "Buy" recommendation; 5) Neutral: the stock is fairly valued for the next 12-18 months; 6 ) Avoid/Sell: the stock is expected to decline at least 20% over the next 12-18 months and should be avoided or sold if held; 7) Under Review: the previous rating and/or price target is suspended due to a significant event which now requires additional analysis and the previous rating and/or price target cannot be relied upon; 8) Not Rated: the stock has too much business or financial uncertainty to form an investment conclusion or is currently in the process of being acquired and 9) Restricted: coverage cannot be initiated or has been temporarily suspended to comply with applicable regulations and/or firm policies in certain circumstances such as investment banking or an advisory capacity involving the company. 

Legal Disclaimer

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The information, opinions, data, quantitative and qualitative statements contained in this report have been obtained from sources believed to be reliable but have not been independently verified and are not guaranteed as to accuracy nor does it purport to be a complete analysis of every material fact regarding the company, industry, or security. The information, opinions, or recommendations are solely for advisory and informational purposes and are only valid as of the date appearing on the report and are subject to change without notice.

Statements in this report that are not historical facts are “forward-looking statements” that involve risks and uncertainties. “Forward looking statements" as defined under Section 27A of the Securities Act of 1933, Section 21B of the Securities Exchange Act of 1934 and the Private Securities Litigation Act of 1995 include words such as “opportunities,” “trends,” “potential,” “estimates,” “may,” “will,” “could,” “should,” “anticipates,” “expects” or comparable terminology or by discussions of strategy. These forward looking statements are subject to a number of known and unknown risks and uncertainties outside of the company's or our control that could cause actual operations or results to differ materially from those anticipated. Factors that could affect performance include, but are not limited to, those factors that are discussed in each profiled company's most recent reports or registration statements filed with the SEC. Investors should consider these factors in evaluating the forward looking statements included in this report and not place undue reliance upon such statements. Investors are encouraged to read investment information available at the websites of the SEC at http://www.sec.gov and FINRA at http://www.finra.org.