Welcome to our dedicated page for NovaBay Pharmaceuticals news (Ticker: NBY), a resource for investors and traders seeking the latest updates and insights on NovaBay Pharmaceuticals stock.
NovaBay Pharmaceuticals, Inc. (symbol: NBY) is a pioneering biopharmaceutical company dedicated to the development, commercialization, and sale of non-antibiotic anti-infective products. The company's core focus lies in addressing the unmet therapeutic needs of the global eye care market. NovaBay has successfully introduced two distinct product categories: the Neutrox™ family of products and Aganocide® compounds.
The Neutrox™ family is spearheaded by Avenova™, a prescription lid and lash hygiene product designed for managing chronic eye conditions such as blepharitis and meibomian gland dysfunction, commonly known as dry eye syndrome. Affecting an estimated 30 million Americans, these conditions represent a substantial annual market potential, which NovaBay estimates to be around $500 million. Avenova is available for order in 90% of all pharmacies across the United States and is gaining market traction through its 35 medical direct sales representatives under veteran leadership.
Additionally, the Neutrox™ family includes NeutroPhase® for wound care and CellarX™ for dermatology applications. The Aganocide® compounds are led by Auriclosene™, further showcasing NovaBay's innovative approach to non-antibiotic therapies.
NovaBay's flagship product, Avenova Antimicrobial Lid and Lash Solution (Avenova Spray), is laboratory tested to possess broad antimicrobial properties. It effectively removes foreign material, including microorganisms and debris from the skin around the eye, making it a valuable tool for eyecare professionals to manage blepharitis and dry-eye disease. Avenova Spray is available to consumers both through online distribution channels and as a prescription product dispensed by eyecare professionals.
NovaBay Pharmaceuticals operates two main segments: Eyecare, and Wound Care and Skincare. This diversified approach allows the company to leverage its expertise in antimicrobial solutions across multiple therapeutic areas, thereby expanding its market reach and impact.
Financially, NovaBay continues to strengthen its market position through strategic partnerships and continuous innovation. The company's relentless pursuit of excellence in eyecare and skincare underscores its commitment to improving patient outcomes globally.
NovaBay Pharmaceuticals (NYSE: NBY) announced the adjournment of its Reconvened Special Meeting of Stockholders to January 16, 2025, due to insufficient votes for two important proposals. Proposal One, regarding the sale of Avenova to PRN Physician Recommended Nutriceuticals, and Proposal Two, concerning the company's liquidation and dissolution, both require a 50% threshold of favorable votes from all outstanding shares.
Currently, approximately 89.3% of voted shares support Proposal One, and 88.2% support Proposal Two. The Board of Directors maintains these proposals are in the best interests of NovaBay and its stockholders, with ISS recommending votes FOR both proposals. Stockholders of record as of October 15, 2024, are encouraged to vote before January 15, 2025, at 11:59 p.m. Eastern time.
NovaBay Pharmaceuticals (NYSE: NBY) CEO Justin Hall has issued a letter to stockholders urging them to vote FOR two important proposals at the reconvened Special Meeting on December 18, 2024. The first proposal involves selling the company's eyecare business and Avenova brand to PRN Physician Recommended Nutriceuticals (PRN), while the second proposal concerns the company's liquidation and dissolution.
Although both proposals received significant support at the November 22 meeting, they didn't reach the required majority threshold. PRN, which has a network of over 5,000 eyecare professionals, is positioned to continue growing the Avenova brand. Stockholders of record as of October 15, 2024, can vote via Internet, telephone, or mail until December 17, 2024, at 11:59 p.m. Eastern time.
NovaBay Pharmaceuticals (NYSE American: NBY) announced the adjournment of its Special Meeting of Stockholders from November 22 to December 18, 2024, due to insufficient votes for two critical proposals. Proposal One, regarding the sale of Avenova to PRN Physician Recommended Nutriceuticals, and Proposal Two, concerning the company's liquidation and dissolution, both require 50% approval of all outstanding shares. Currently, approximately 89.0% of voted shares support Proposal One and 88.5% support Proposal Two, but total votes haven't reached the required threshold. The Board of Directors supports both proposals, which are also recommended by ISS.
NovaBay Pharmaceuticals released its financial results for Q3 2024, highlighting a 14% increase in online Avenova sales and a 25% reduction in sales and marketing expenses. Total net sales for the quarter were $2.4 million, primarily from eyecare products. The gross margin was 65%, down from 67% in Q3 2023. Sales and marketing expenses decreased to $0.9 million, while general and administrative expenses increased to $1.7 million due to higher legal costs. The company reported a net loss of $2.2 million, or $0.60 per share, compared to a net loss of $1.8 million, or $13.11 per share, in Q3 2023.
For the first nine months of 2024, total net sales were $7.5 million, down from $8.4 million in the same period of 2023. The gross margin improved to 67% from 60%. Sales and marketing expenses decreased by 18%, while G&A expenses increased by 28%. The net loss for the nine months was $7.4 million, or $3.97 per share, compared to $7.5 million, or $79.58 per share, in the same period of 2023. The company had $0.8 million in cash and cash equivalents as of September 30, 2024, compared to $2.9 million as of December 31, 2023.
NovaBay Pharmaceuticals (NYSE American: NBY) has accepted a revised offer from PRN Physician Recommended Nutriceuticals to increase the purchase price for its eyecare business from $9.5 million to $11.5 million. The deal includes a secured promissory note of up to $1.0 million in two $0.5 million installments. The Board determined this revised offer was superior to an unsolicited proposal from Refresh Acquisitions BidCo The transaction requires stockholder approval at a Special Meeting scheduled for November 22, 2024. The Board unanimously recommends stockholders approve both the PRN transaction and the potential voluntary liquidation of the company.
NovaBay Pharmaceuticals (NYSE American: NBY) announces its board has determined an unsolicited offer from Refresh Acquisitions BidCo to acquire the Avenova® brand and related assets is a 'Superior Proposal' compared to their existing agreement with PRN. The Refresh offer includes a purchase price of up to $11.5 million (versus PRN's $9.5 million) and a $2.0 million secured term loan. PRN has until November 4, 2024, to submit a revised proposal. Refresh is affiliated with RVL Pharmaceuticals, which commercializes Upneeq®, making Avenova products complementary to their portfolio.
Acumen Health Holdings has announced that its subsidiary, PRN Physician Recommended Nutriceuticals, will acquire the Avenova® brand from NovaBay Pharmaceuticals (NYSE American: NBY). The acquisition, expected to close in Q4 2024, will enhance PRN's portfolio of science-based eye health products. Avenova® offers products for ocular health, including cleansing sprays, wipes, and heated eye masks, with its leading product being a hypochlorous acid spray for eye hygiene.
PRN plans to leverage its existing sales force and relationships with eye care professionals to expand access and awareness of Avenova® products. This marks PRN's sixth add-on acquisition in five years, aligning with its strategy to grow in the eye health market both organically and through acquisitions.
NovaBay Pharmaceuticals has signed a definitive agreement to sell its Avenova assets to PRN Physician Recommended Nutriceuticals for $9.5 million in cash. The transaction, approved by NovaBay's board of directors, is expected to close in Q4 2024, subject to stockholder approval and other customary conditions.
CEO Justin Hall expressed satisfaction with the deal, stating that it allows stockholders to realize the value created by Avenova over the past decade. He believes PRN, with its network of over 5,000 eyecare professionals, is an ideal home for the brand. The sale requires approval from a majority of NovaBay stockholders and will be sought through proxy solicitation.
Following the sale, NovaBay plans to liquidate remaining assets, satisfy obligations, and distribute available proceeds to stockholders.
NovaBay Pharmaceuticals (NYSE American: NBY) reported Q2 2024 financial results, highlighting an 8% increase in eyecare product revenue driven by higher Avenova sales through online channels. The company saw a 16% growth in Amazon Subscribe & Save customers during H1 2024, with subscriber sales accounting for 24% of all online Avenova sales year-to-date. Sales and marketing expenses decreased by 13%, reflecting efficient digital marketing optimization. NovaBay's Q2 2024 total net sales were $2.4 million, with a gross margin of 66%. The company reported a net loss of $1.6 million, or $1.37 per share. Post-quarter, NovaBay completed a $3.9 million financing to strengthen its balance sheet.
NovaBay Pharmaceuticals (NYSE American: NBY) has announced its upcoming second quarter 2024 financial results conference call, scheduled for August 13, 2024, after market close. The call will begin at 4:30 p.m. Eastern time (1:30 p.m. Pacific time). Investors can pre-register for the call or dial in directly. A live webcast will be available on the company's website, and a replay will be accessible until September 3, 2024. This event provides an opportunity for investors to gain insights into NovaBay's financial performance and future outlook.
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