NovaBay Pharmaceuticals (AMEX:NBY)
Historical Stock Chart
6 Months : From Feb 2019 to Aug 2019
Makes board and executive changes and reduces U.S. sales organization
to focus only on high-performing, high potential sales territories and
specialty pharmacy channel expansion
Company to hold 2018 fourth quarter and full year conference call on
March 28, 2019
Pharmaceuticals, Inc. (NYSE American: NBY), a
biopharmaceutical company focusing on commercializing prescription
Avenova® for the domestic eye care market, announces a
strategic shift in its U.S. commercialization strategy to support growth
in Avenova sales and maintain cost effectiveness, along with changes to
its Board of Directors and executive management team.
NovaBay announces a strategic shift to deploy its sales representatives
only in high-performing territories and territories it has identified as
having significant prescription volume potential along with favorable
health plan coverage to support Avenova per-unit revenue. The company
will continue to focus on contracting with additional specialty
pharmacies as channel partners, which provide quality patient
experiences at a negotiated price per prescription. To align with the
strategic shift, NovaBay has reduced its U.S. commercial salesforce from
45 to 15 field sales representatives.
In addition, NovaBay made the following personnel changes, all effective
Lead independent Director Paul E. Freiman, who joined the company’s
Board of Directors in 2002, has been named Chairman. Former Chairman
Mark M. Sieczkarek will continue to serve as a Director of the company.
Interim President and Chief Executive Officer, Chief Financial Officer
and Treasurer Jack McGovern has resigned from the company.
Senior Vice President and General Counsel Justin Hall, who has been
with the Company since 2013, has assumed the positions of Interim
President and Chief Executive Officer. He will continue to serve as
the Company’s General Counsel and Corporate Compliance Officer.
Corporate Controller Jason Raleigh, who joined NovaBay in 2016, has
assumed the positions of Interim Chief Financial Officer and Treasurer.
“It is highly gratifying to have two qualified and seasoned
professionals in Justin Hall and Jason Raleigh, both with NovaBay
tenure, step into these key positions,” said Mr. Freiman. “We are highly
appreciative of Mark Sieczkarek’s many contributions to our company as
Chairman, in addition to his former roles as President and CEO. We are
delighted that he will continue serving as a member of our Board.
“We appreciate the support of our current major stockholders who have
pledged additional financial resources as we execute on our strategy,”
added Mr. Freiman.
“We affirm our assertion that Avenova is the best product available to
topically treat chronic bacterial infections that affect approximately
85% of the dry eye market,” said Mr. Hall. “Given the current
reimbursement environment, we are pursuing a cost-efficient growth
strategy by only deploying high-performing sales representatives in our
best-producing and highest potential prescription volume territories
while securing additional relationships within the specialty pharmacy
channel. We expect this new strategy to accelerate our path to
profitability. We thank the 37 employees who are leaving NovaBay as of
March 15, 2019, and look forward to implementing our new U.S. commercial
strategy for Avenova.”
NovaBay management will host an investment community conference call on
Thursday, March 28, 2019 beginning at 4:30 p.m. Eastern time (1:30 p.m.
Pacific time) to discuss the company’s financial and operational results
and to answer questions. Shareholders and other interested parties may
participate in the conference call by dialing 800-608-8202 from within
the U.S. or 702-495-1913 from outside the U.S., with the conference
identification number 6686573.
The live call also will be available at http://novabay.com/investors/events.
A replay of the call will be available beginning two hours after its
completion through 11:59 p.m. Eastern time April 14, 2019, by dialing
855-859-2056 from within the U.S. or 404-537-3406 from outside the U.S.
and entering the conference identification number 6686573. The call will
also be archived at http://novabay.com/investors/events.
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,
NEUTROPHASE® for wound care market, and CELLERX® for the aesthetic
dermatology market. The Aganocide compounds, still under development,
have target applications in the dermatology and urology markets.
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 business strategies and future focus, our
estimated future revenue, and generally the company’s expected future
financial results. 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 returning to double digit revenue
growth, the size of the potential market for our products, improving
sales rep productivity and product distribution, obtaining adequate
insurance reimbursement, 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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View source version on businesswire.com: https://www.businesswire.com/news/home/20190312005867/en/
NovaBay ContactJustin HallInterim
President and Chief Executive Officer510firstname.lastname@example.org
Investor ContactLHA Investor