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NovaBay stockholders approve $10.3M stock financing

NovaBay Pharmaceuticals Inc.'s stockholders approved the issue of 2.4 million shares of common stock worth $10.32 million to Ch-gemstone Capital (Beijing) Co. Ltd.

The vote took place at a special meeting of stockholders held Dec. 20.

The private placement is expected to close in January 2018, subject to customary closing conditions, including approval for funds transfer by the applicable regulatory authorities in China.

The company plans to use the funds to advance the growth strategy for its eye care product, Avenova.