BUSINESS: Financial NovaBay Pharmaceuticals Secures $3 Million Bridge Loan By Staff Monday, January 11, 2016 12:22 AM EMERYVILLE, Calif.—NovaBay Pharmaceuticals, Inc. (NYSE MKT: NBY), a biopharmaceutical company focusing on commercializing its Avenova Lid and Lash Cleanser for the domestic eyecare market, announced that it has secured a $3 million bridge loan. NovaBay has already received approximately $1.66 million, with the remaining approximate $1.37 million to be funded later this month. The loan has a three-year term with no pre-payment penalty.The loan, managed by China Kington Asset Management Co. Ltd., is funded by five investors including NovaBay’s chairman and interim CEO Mark Sieczkarek, NovaBay board members Gail Maderis and Dr. Alex McPherson, as well as China Pioneer Pharma, NovaBay’s largest shareholder. In May 2015, China Kington Investment Co. Ltd., an affiliated entity, acted as the sole placement agent for a $6.863 million “at market” private placement of NovaBay common stock and warrants to purchase common stock.“This loan provides NovaBay and our shareholders with non-dilutive funds as we focus on growing Avenova sales and achieving our target of positive cash flow from operations by the end of 2016,” said Sieczkarek.In connection with the loan, NovaBay will increase its board of directors to eight with the addition of two members to be named by China Kington Asset Management. It is anticipated that the two new directors will join NovaBay’s board sometime this month, after the appropriate protocols have been completed by the board’s nominating and corporate governance committee.