NovaBay Pharma raises $20 mln in IPO at $4 per share

NEW YORK Thu Oct 25, 2007 11:30pm EDT

NEW YORK Oct 25 (Reuters) - NovaBay Pharmaceuticals Inc. NBY.TO (NBY.A) on Thursday said it raised $20 million in an initial public offering priced at the bottom end of an earlier projected range.

Emeryville, California-based NovaBay said it priced its offering at $4 per share and sold 5 million shares. The original projected range was $4 to $6 per share. Its shares will trade on the American Stock Exchange and possibly on the Toronto Stock Exchange, the company said.

Dundee Securities Corp is acting as the sole bookrunner for the offering.

The company is focused on developing better drugs to treat hospital-borne infections and other conditions.