NovaBay Pharmaceuticals has received a $1.5m equity investment from Pioneer Pharma.
With the investment, Pioneer has completed $2.5m investment of total $5.5m.
The investment forms part of the expansion of the NeutroPhase distribution agreement for Southeast Asia signed on 14 September 2012.
Pioneer Pharma is an affiliate of Naqu Area Pioneer Pharma that markets high-end pharmaceutical products into China.
Pioneer is also entitled to invest an additional $3.0m on or before 31 August 2013, according to the agreement.
NeutroPhase Skin and Wound Cleanser is an FDA-cleared NovaBay proprietary preparation of normal saline, which contains stabilized pure hypochlorous acid as a preservative.
Source:
http://inwardinvestment.pharmaceutical-business-review.com/news/pioneer-pharma-provides-additional-equity-fundingto-novabay-061112
