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NovaBay sources funding from another investor

NovaBay Pharmaceuticals Inc. attracted a $6 million investment from Hong Kong-based investor OP Financial Investments Ltd.

The Emeryville, Calif.-based company will issue 1.7 million shares to OP Financial. China Kington Asset Management Co. Ltd. is serving as placement agent for the transaction which is expected to close later this month.

NovaBay originally planned to raise $10.3 million by selling 2.4 million shares to Ch-gemstone Capital (Beijing) Co. Ltd., but the deal fell through after the investor failed to obtain necessary approvals in China.

NovaBay markets the Neutrox family of products which includes Avenova for the eye care market, Neutrophase for wound care market and Cellerx for the aesthetic dermatology market.