NovaBay Pharmaceuticals Inc (NYSEAMERICAN: NBY) rallied in premarket trading Monday, after the biopharmaceutical company struck a deal to sell its Avenova Direct eye-care product without a prescription on Amazon.com, Inc. (NASDAQ: AMZN).
Avenova Direct, a lid and lash spray, is designed to remove debris and microorganisms on and around the eyelid margin that typically lead to blepharitis, dry eye, and other bacterial eye infections.
NovaBay said the eye product will start selling on Amazon through the company’s new direct-to-consumer online channel at a price of $29.99.
“While prescription Avenova continues to be available through retail pharmacies and direct in-office sales by certain eye care specialists, patients and physicians have asked for greater accessibility to the product. In response, we are launching our new U.S. direct-to-consumer channel, which is a significant step in ensuring easy access at an affordable price,” commented Justin Hall, Interim President and CEO of NovaBay.
“This direct channel further provides NovaBay with set pricing that is not impacted by the current health plan reimbursement environment,” Hall added.
As of 8:48 a.m. ET, shares of nano-cap biopharmaceutical company were up 223.90% to $1.03. The shares had lost 59% since the beginning of the year through their closing price on Friday.
NovaBay Pharmaceuticals Inc Profile
NovaBay Pharmaceuticals Inc is a biopharmaceutical company. The company develops, manufactures, and markets anti-infective products for a multitude of uses.
It is predominantly focused on commercializing prescription Avenova for the domestic eyecare market in the United States. Avenova is the only eye care product formulated with proprietary, stable and pure form of hypochlorous acid (marketed as Neutrox).
NovaBay develops additional products containing Neutrox, including its NeutroPhase Skin and Wound Cleanser for wound care and CelleRx for the dermatology market. It has partnerships for NeutroPhase in the United States, as well as in other markets.