EMERYVILLE, Calif.--(BUSINESS WIRE)--NovaBay® Pharmaceuticals, Inc. (NYSE MKT:NBY), a biopharmaceutical company focusing on commercializing prescription Avenova® lid and lash hygiene for the domestic eye care market, announces that it has joined the Russell Microcap® Index. Each June, the Russell Microcap Index is realigned and recalibrated to reflect market changes during the past year with membership primarily determined by objective, market-capitalization rankings and style attributes.
Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. According to FTSE Russell, approximately $8.4 trillion in assets are benchmarked against Russell’s U.S. indexes.
“Joining the Russell Microcap Index is expected to contribute to increased investor awareness and broaden our investor base as we continue to build the market for Avenova,” said Mark M. Sieczkarek, NovaBay’s President and CEO. “We attribute our inclusion to the dramatic strides we’ve made in our turnaround since directing our focus on Avenova commercialization in late 2015. Our outlook for 2017 is for continued growth with sales to increase 60% year-over-year to $19 million, gross margin on Avenova product sales in the high 80% range and cash burn of $3 million.”
More information on the Russell Microcap® Index is available on the “Russell Reconstitution” section of the FTSE Russell website.
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 any potential benefit or deleterious effect of being included in the Russell Microcap Index, inclusive of any possible effect that would have generally on the Company’s expected future financial results. Forward-looking statements can be identified with words like (and variations of): “expect”,” and “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 selling the Company's products, unexpected adverse side effects or inadequate therapeutic efficacy of our product, 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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