NovaBay Announces that Avenova is Now Available with “Subscribe & Save”
September 08 2020 - 6:50AM
Business Wire
Repays Secured Convertible Promissory Note
NovaBay® Pharmaceuticals, Inc. (NYSE American: NBY) announces
the availability of “subscribe & save” for repeat orders of
Avenova® antimicrobial lid & lash solution on Avenova.com and
Amazon.com.
“Our upgraded online product listings will allow customers to
automate recurring orders, thereby increasing our recurring revenue
and improving visibility on future sales,” said Justin Hall,
NovaBay CEO. “We are already seeing great popularity with the
subscription feature, indicating a loyal customer following for
Avenova.
“Under the program, subscribers are eligible to receive a
discount of up to 10% on repeat deliveries. And, for a limited
time, customers can save an additional 10% on their initial
subscription shipment by using coupon code ‘10avenova.’ Due to
expected popularity, we have also made the program available for
our NovaWipes and NovaSight™ Eye Health Supplement products on
Amazon.com,” he added.
The Company further announces that it has made the final payment
on a $2.2 million Secured Convertible Promissory Note in accordance
with its terms.
“The repayment of the convertible note is also significant for
our shareholders as it supports the ongoing strengthening of our
balance sheet and future cash position to support current and
future growth initiatives,” Mr. Hall explained. “It also
contributes to our confidence that we will regain compliance with
the NYSE American listing standards at the end of the compliance
period in mid-October.
“All of these initiatives are further steps in our ability to
adapt and thrive in the challenging COVID-19 environment and
position the Company for a bright future post-pandemic,” Mr. Hall
concluded.
In March 2019, NovaBay issued a $2.2 million Secured Convertible
Promissory Note bearing interest of 10% per annum to Iliad Research
and Trading, L.P. Under the Secured Convertible Promissory Note,
the Company was required to make recurring monthly cash payments of
$200,000.
About NovaBay Pharmaceuticals, Inc.: Going Beyond
Antibiotics®
NovaBay Pharmaceuticals, Inc. is a biopharmaceutical company
focusing on commercializing and developing its non-antibiotic
anti-infective products to address the unmet therapeutic needs of
the global, topical anti-infective market with its two distinct
product categories: the NEUTROX® family of products and the
AGANOCIDE® compounds. The Neutrox family of products includes
AVENOVA® for the eye care market, CELLERX® for the aesthetic
dermatology market and NEUTROPHASE® for the wound care market. The
Aganocide compounds, still under development, have target
applications in the dermatology and urology markets.
Forward-Looking Statements
Except for historical information herein, matters set forth in
this press release are forward-looking within the meaning of the
“safe harbor” provisions of the Private Securities Litigation
Reform Act of 1995, including statements about the commercial
progress and future financial performance of NovaBay
Pharmaceuticals, Inc. This release contains forward-looking
statements that are based upon management’s current expectations,
assumptions, estimates, projections and beliefs. These statements
include, but are not limited to, statements regarding our listing
with the NYSE, our business strategies and current product
offerings, the financial impact of the Subscribe & Save
program, the impact of repaying the convertible note will have on
our future finances, as well as generally the Company’s expected
future financial results. These forward-looking statements are
identified by the use of words such as “will,” “growth,”
“continued,” and “future cash position,” among others. These
statements involve known and unknown risks, uncertainties and other
factors that may cause actual results or achievements to be
materially different and adverse from those expressed in or implied
by the forward-looking statements. Factors that might cause or
contribute to such differences include, but are not limited to,
risks and uncertainties relating to the size of the potential
market for our products, the possibility that the available market
for the Company’s products will not be as large as expected, the
Company’s products will not be able to penetrate one or more
targeted markets, revenues will not be sufficient to meet the
Company’s cash needs, and any potential regulatory problems. Other
risks relating to NovaBay’s business, including risks that could
cause results to differ materially from those projected in the
forward-looking statements in this press release, are detailed in
NovaBay’s latest Form 10-Q/K filings with the Securities and
Exchange Commission, especially under the heading “Risk Factors.”
The forward-looking statements in this release speak only as of
this date, and NovaBay disclaims any intent or obligation to revise
or update publicly any forward-looking statement except as required
by law.
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Avenova Purchasing Information For NovaBay Avenova
purchasing information: Please call 800-890-0329 or email
sales@avenova.com. www.Avenova.com
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version on businesswire.com: https://www.businesswire.com/news/home/20200908005210/en/
NovaBay Contact Justin Hall Chief Executive Officer and
General Counsel 510-899-8800 jhall@novabay.com
Investor Contact LHA Investor Relations Jody Cain
310-691-7100 jcain@lhai.com
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