NovaBay Pharmaceuticals Names Jack McGovern Interim CEO
September 28 2018 - 6:50AM
Business Wire
NovaBay® Pharmaceuticals, Inc. (NYSE American: NBY), a
biopharmaceutical company focusing on commercializing prescription
Avenova® for the domestic eye care market, announces that Jack
McGovern has been named Interim Chief Executive Officer, expanding
his responsibilities as Chief Financial Officer to include
overseeing daily operations. Mark M. Sieczkarek, the Company’s
previous Chief Executive Officer, remains NovaBay’s Chairman and
will focus on strategic growth opportunities that complement the
Company’s continued organic growth.
“These leadership changes support the strategy of achieving
profitable growth while actively seeking opportunities to broaden
our commercial product offering,” said McGovern. “NovaBay’s
expanded sales organization is performing well as we target Avenova
high prescribers with the goal of increasing the number of
prescriptions per physician. Executing on this strategy requires a
disciplined, efficient deployment of resources with hands-on
oversight. We are focused on enhancing value for our shareholders
and are increasingly optimistic about returning to double-digit
sales and unit growth in 2019.
“We have developed a strong organizational infrastructure and
implemented the key metrics that are critical to driving business
success,” added McGovern. “Of utmost importance is the tremendous
opportunity in promoting Avenova as a proven product that addresses
the large, underserved conditions of blepharitis and bacterial dry
eye, which represents about 85% of the dry eye market.”
Avenova is the only non-antibiotic commercial product with
clinical data proven to treat the underlying cause of blepharitis
and bacterial dry eye. Unlike traditional antibiotics, Avenova is
safe for chronic use because it does not give rise to bacterial
resistance.
“Business development is a priority as we identify commercial
and late-stage ophthalmic products to leverage our sales
organization,” said Sieczkarek. “This is a time-consuming process
and my changing role at NovaBay allows me to dedicate more
attention to advancing this important component of our strategy. I
will continue to be actively engaged with the leadership team to
drive the Company’s future success. This new role will also allow
me to focus on ensuring we have sufficient financial resources to
support our organic growth, as well as any acquisitions should
appropriate opportunities arise.”
McGovern joined NovaBay as Chief Financial Officer in July 2017
with more than 30 years of experience in finance and operations.
Previously he was Chief Operating Officer and CFO of Attainia,
Inc., a SaaS-based provider of planning solutions for the
healthcare industry sold to a private equity firm, and Managing
Partner at Northshore Management Partners, a consultancy with an
emphasis on financial capitalization, structuring and developing
operational scale. Earlier he was COO/CFO at Integrated Biosystems,
a venture-stage company in France; Executive Vice President at
Strategic Capital, Inc., a boutique investment bank with a focus on
M&A and COO/CFO of Oliver-Allen Corp., a computer leasing
company. He began his career with KPMG after receiving a BS in
accounting from Chico State University. Mr. McGovern is a licensed
CPA in the State of California.
About Avenova
Avenova is an eye care product formulated with NovaBay’s
proprietary, stable and pure form of hypochlorous acid. It has
proven in laboratory testing to have broad antimicrobial properties
as a preservative in solution as it removes foreign material
including microorganisms and debris from the skin on the eyelids
and lashes without burning or stinging. Data from a multicenter
clinical study show that Avenova reduced bacterial load, the
underlying cause of blepharitis, on ocular skin surface by more
than 90%. Laboratory tests show that hypochlorous acid has potent
antimicrobial activity in solution yet is non-toxic to mammalian
cells and also neutralizes bacterial toxins. Avenova is marketed to
optometrists and ophthalmologists throughout the U.S. by NovaBay’s
direct salesforce. It is accessible from more than 90% of retail
pharmacies in the U.S. through agreements with McKesson
Corporation, Cardinal Health and AmerisourceBergen.
About NovaBay Pharmaceuticals, Inc.: Going Beyond
Antibiotics®
NovaBay Pharmaceuticals, Inc. is a biopharmaceutical company
focused 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, NEUTROPHASE® for the wound care
market and CELLERX® for the aesthetic dermatology market. The
Aganocide compounds, still under development, have target
applications in dermatology and urology.
Forward-Looking Statements
This release contains forward-looking statements that are based
upon management’s current expectations, assumptions, estimates,
projections and beliefs. Forward-looking statements include
statements regarding, among other things, our current expectations
about the Company's future executive management, financial results,
goals, strategies, revenue, and/or general outlook. 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 difficulties or delays in
manufacturing, distributing, and obtaining insurance reimbursement
for the Company’s products, the uncertainty of patent protection
for the Company’s intellectual property, 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-K and Form 10-Q
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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For Avenova purchasing information please call 800-890-0329,
email sales@avenova.com or visit www.Avenova.com
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version on businesswire.com: https://www.businesswire.com/news/home/20180928005065/en/
NovaBay ContactsJack J.
McGovern510-899-8800jmcgovern@novabay.comorInvestor
ContactLHA Investor RelationsJody
Cain310-691-7100jcain@lhai.com
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