EMERYVILLE, Calif.--(BUSINESS WIRE)--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 Statements
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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Avenova Purchasing Information
For
NovaBay Avenova purchasing information:
Please call 800-890-0329 or
email sales@avenova.com.
www.Avenova.com
