NovaBay Pharmaceuticals, Inc. (NBY) stock prices surged by 13.0835% some time after market trading commenced on July 19th, 2021, bringing the price per share up to USD$0.6517 early on in the trading day.
Partnership with ImprimisRx
July 19th, 2021 saw the company announce its partnership with ImprimisRx, leading ophthalmological pharmaceutical businesses in the United States. The partnership will facilitate the proliferation of Avenova, driven by the widespread promotion of prescription treatment. ImpromisRx will provide NBY with national sales, marketing, and distribution support for the FDA-cleared treatment, which comes in 40 ml bottles as a 0.01% hypochlorous acid. The treatment has been clinically proven to be effective in the management of numerous chronic eye conditions as an antimicrobial lid and lash solution.
The partnering company has a proven track record of successfully commercializing high-quality products through its extensive consumer base of thousands of ophthalmologists and optometrists. This position itself superbly to partner up with NBY to expand the reach of Avenova. With its cutting-edge model, ImprimisRx has streamlined the ordering and delivery of products by making the pharmaceutical value chain leaner.
Details of the Agreement
As per the agreement, the expansion of Avenova within the prescription channel via cost-effective means has been made possible. This will be done by facilitating the engagement of ophthalmologists and optometrists, enhancing the accessibility of Avenova to unprecedented levels. The compelling addition of the treatment to the company’s ophthalmic product portfolio is set to support its long-standing commitment to its loyal customer base.
Scope of Avenova
The treatment caters to a massive dry eye market that is rapidly growing, with the current indication of as many as 30 million Americans reporting suffering from chronic eye conditions, such as blepharitis and meibomian gland dysfunction. The unique treatment is the only lid and lash spray that is suitable for everyday use, having been formulated with NovaBay’s patented pure hypochlorous acid. Avenova is typically prescribed before and after cataract and Lasik procedures by ohthalmologists and optometrists, consolidating it as a complementary treatment for many of the partnering company’s existing product line.
Future Outlook for NBY
Armed with the expansive scope of its new strategic partnership, NBY is poised to capitalize on the added opportunities in front of it. The company is keen to usher in further growth by allocating resources towards the expansion and consolidation of the market footprint of Avenova. Investors are confident in management’s ability to leverage their resources to drive increases in shareholder value.