NovaBay raises $2.4m

NovaBay Pharmaceuticals (NYSE:NBY) said this week that it raised $2.4 million in an offering that included three investors.

The Emeryville, Calif.-based company has developed products for the eye care market, including a prescription for managing hygiene of the eyelids and lashes.

NovaBay’s Avenova is formulated with a pure form of hypochlorous acid and is designed to remove debris from the skin on eyelids and lashes without burning or stinging, according to the company.

NovaBay’s product portfolio also includes NeutroPhase – a skin and wound cleanser for wound care – and CelleRx for the dermatology market.

Last year, the company raised nearly $6 million after selling 1.7 million shares of common stock to an institutional investor listed on the Hong Kong stock exchange.