Oct 29 (Reuters) - NovaBay Pharmaceuticals Inc :
* NOVABAY PHARMACEUTICALS BOARD DETERMINES UNSOLICITED OFFER IS SUPERIOR TO ASSET PURCHASE AGREEMENT WITH PRN PHYSICIAN RECOMMENDED NUTRICEUTICALS, LLC
* NOVABAY PHARMACEUTICALS: UNDER REFRESH'S OFFER CO WOULD RECEIVE A PURCHASE PRICE OF UP TO $11.5 MILLION
* NOVABAY PHARMACEUTICALS: REFRESH'S OFFER ALSO INCLUDES REFRESH PROVIDING A SECURED TERM LOAN TO CO IN PRINCIPAL AMOUNT OF $2.0 MILLION
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