NovaBay Pharmaceuticals Expands Sales Organization to Re-energize Growth
July 05 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 it has
completed the most recent planned expansion of its salesforce by
hiring of 7 sales representatives. The Company now has a commercial
salesforce of 45 representatives as the Company pursues profitable
growth.
“We are very encouraged by the high quality of our new hires,
all of whom have significant experience in promoting prescription
ophthalmic products,” said Mark M. Sieczkarek, NovaBay’s Chairman,
President and CEO. “Our new sales representatives are being
deployed in what we believe to be under-served territories and will
target high Avenova prescribers with the goal of increasing the
number of prescriptions per physician. We are working in parallel
to secure new or enhanced health plan insurance coverage, which we
expect to improve revenue per unit and the number of units covered
by commercial insurance. We plan to hire an additional 10 to 15
sales representatives this year, anticipating that new sales
representatives typically require about six months to make
meaningful contributions to Avenova sales.
“Reflecting the size and composition of our current salesforce,
as well as future hiring plans, we expect net sales for the second
quarter of 2018 to approximate the first quarter. We also expect
net sales to increase sequentially in each successive quarter
through the remainder of 2018. We expect gross margin on Avenova
sales to be in the 90% range for the full year 2018,” he added.
“We are optimistic about returning to strong double-digit net
sales growth in 2019 as we continue our salesforce expansion, our
new sales representatives gain tenure, and prescription
reimbursement and coverage improve,” said Sieczkarek. “We see a
tremendous opportunity with Avenova for our Company and our
shareholders given the large, untapped opportunity for bacterial
dry eye, which represents about 85% of the total dry eye market.
Importantly, Avenova is the only non-antibiotic commercial product
that has clinical data proven to treat the underlying cause of
bacterial dry eye. Unlike traditional antibiotics, Avenova is safe
for chronic use because it does not give rise to bacterial
resistance.”
NovaBay expects to report financial results for the second
quarter of 2018 and to hold an investment community conference call
in August 2018.
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 AmeriSource Bergen.
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 results, financial condition, goals,
strategies, revenue, earnings, free cash flow, margins, prospects
and/or outlook and are indicated by words or phrases such as
“plan,” "expect," “anticipate,” and variations of those words or
phrases. 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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NovaBay ContactsFor NovaBay Avenova purchasing
information:Please Call us toll free: 1-800-890-0329 or
email sales@avenova.com.www.Avenova.com
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version on businesswire.com: https://www.businesswire.com/news/home/20180705005105/en/
From the CompanyJack McGovernChief Financial
Officer510-899-8800jmcgovern@novabay.comorInvestor
ContactLHA Investor RelationsJody
Cain310-691-7100jcain@lhai.com
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