NovaBay Pharmaceuticals Announces Investments of $5 Million to Support U.S. Avenova Commercialization Strategy
April 01 2019 - 6:50AM
Business Wire
Reiterates long-term commitment to eye care
specialists and patients
Capital investment supports cost-efficient
growth strategy
NovaBay® Pharmaceuticals, Inc. (NYSE American: NBY), a
biopharmaceutical company focusing on commercializing prescription
Avenova® for the domestic eye care market, announces investments
totaling $5 million to support the recent strategic shift in its
U.S. commercialization strategy aimed at driving growth in Avenova
sales while maintaining cost effectiveness.
The investments include a convertible loan of $2.0 million from
Ascendiant Capital Markets and Chicago Venture Partners.
Additionally, Triton Funds LP has committed to making an equity
investment of up to $3 million.
“We are dedicated to our ongoing and long-lasting commitment to
eye care professionals and patients suffering from dry eye disease,
while capitalizing on the significant opportunity afforded by
Avenova,” said Justin Hall, Interim President and CEO. “We are
executing on our strategic shift toward a cost-efficient growth
strategy, having already deployed our sales representatives in
high-performing territories and territories with significant
prescription volume potential and favorable health plan coverage in
support of Avenova per-unit revenue. We appreciate the confidence
of our investors who are dedicated to both NovaBay and Avenova’s
success in addressing this significant market need.
“Importantly, I’m affirming our position that Avenova is the
best topical product available to treat chronic bacterial
infections that affect about 85% of those suffering from dry eye
disease,” added Mr. Hall. “Avenova addresses a sizable market
comprised of millions of Americans who suffer from blepharitis and
dry eye, as well as those who undergo ophthalmic procedures such as
LASIK, retinal and cataract surgeries, or experience contact lens
intolerance issues. We have an established position in the dry eye
market with more than 827,000 prescriptions filled since Avenova’s
launch in 2015. The addition of more than 2,400 new prescribers in
2018 brings total Avenova prescribers to approximately 15,000. We
are fully committed to providing ongoing, long-term and broad
access to Avenova to eye care professionals and patients. We are
now providing that access under a model that makes economic sense
for NovaBay.”
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.
Forward-Looking StatementsThis 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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Avenova Purchasing
InformationFor 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/20190401005293/en/
NovaBay ContactJustin
HallInterim President and Chief Executive
Officer510-899-8800jhall@novabay.comInvestor ContactLHA Investor RelationsJody
Cain310-691-7100jcain@lhai.com
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