NovaBay Pharmaceuticals and Eyenovia Commence Co-Promotion Activities
NovaBay Pharmaceuticals and Eyenovia have started joint promotional activities to market NovaBay's Avenova® Antimicrobial Lid & Lash Solution and Eyenovia's MydCombi™ for mydriasis to large ophthalmic surgery centers. Eyenovia's salesforce will promote Avenova, while NovaBay prepares for Eyenovia's upcoming launch of Clobetasol Propionate Ophthalmic Suspension, 0.05% in August 2024. This partnership aims to enhance market presence and awareness for both companies' products, leveraging NovaBay's established network of eyecare professionals. Prescription Avenova is available through EyenoviaRx.com and Avenova.com, with the non-prescription version on Amazon.com.
- Eyenovia's salesforce will promote NovaBay's Avenova, enhancing market reach.
- NovaBay prepares for Eyenovia's Clobetasol launch, expected in August 2024.
- Partnership aims to increase product awareness and leverage NovaBay's established network.
- Clobetasol launch is over a year away, potentially delaying revenue benefits.
Insights
The partnership between NovaBay Pharmaceuticals and Eyenovia marks a strategic move aimed at enhancing market reach and product awareness. Leveraging Eyenovia’s field salesforce to promote NovaBay’s Avenova Antimicrobial Lid & Lash Solution alongside MydCombi can translate into cost efficiencies and improved sales channels for both companies. While financial specifics are not provided, it's evident the collaboration could bolster revenue by tapping into larger ophthalmic surgery centers.
From a financial perspective, this co-promotion agreement is a positive step, especially given Eyenovia’s FDA-approved products and the anticipation surrounding clobetasol propionate’s launch. NovaBay's cost-efficient strategy likely reflects a careful allocation of resources, potentially reducing marketing expenditures while increasing product exposure. This could be beneficial for NovaBay's bottom line, especially in the lead-up to the new product launch in August 2024. However, the financial impact will need to be monitored closely post-launch to assess the effectiveness of this strategy.
The co-promotion agreement involves products with significant medical implications, particularly in the ophthalmic field. Avenova’s established reputation as a doctor-recommended hypochlorous-based lid and lash spray adds a layer of credibility to Eyenovia’s existing product portfolio. Additionally, the upcoming launch of clobetasol propionate ophthalmic suspension is noteworthy as it addresses a critical need for postoperative inflammation and pain management. This novel product could alter postoperative care standards, given its expected benefits of being rapid, sustained and convenient.
From a clinical standpoint, the collaboration could facilitate better patient outcomes by improving the accessibility to these treatments. For instance, MydCombi's role in mydriasis and Avenova's antimicrobial properties can optimally prepare patients pre-and post-surgery, potentially reducing complications and improving recovery times.
Analyzing the market implications, this collaboration aligns well with current trends toward integrated care and comprehensive service offerings. By combining resources, NovaBay and Eyenovia could substantially enhance their market penetration and competitive edge within the ophthalmic sector. An important factor here is the leveraging of established networks and salesforces, which will likely expedite market entry and acceptance of these products.
Another critical angle is patient and physician adoption. Given Avenova's existing market presence and reputation, introducing it alongside Eyenovia’s solutions could see faster adoption rates, enhancing overall market share. The planned launch of clobetasol propionate also taps into a market gap, considering it's the first new ophthalmic steroid entering the U.S. market in over 15 years. This novelty factor, coupled with the established channels for distribution, could drive significant interest and uptake, potentially leading to robust sales numbers post-launch.
Partnership co-promoting NovaBay’s Avenova® Antimicrobial Lid & Lash Solution to large ophthalmic surgery centers along with one of Eyenovia’s FDA-approved product MydCombi™
Preparing for Eyenovia's launch of clobetasol propionate ophthalmic suspension,
Under the agreement, Eyenovia is leveraging its ten-person field salesforce to promote NovaBay’s Avenova Antimicrobial Lid & Lash Solution to large ophthalmic surgery centers along with one of Eyenovia’s other FDA-approved products, MydCombi for mydriasis. In parallel, NovaBay has initiated reconnaissance and market preparation activities ahead of Eyenovia’s launch of Clobetasol Propionate Ophthalmic Suspension,
“We are excited the Eyenovia team is now selling prescription Avenova and look forward to offering Clobetasol as a complementary product to our nationwide established network of thousands of eyecare professionals,” said Justin Hall, CEO of NovaBay. “This partnership is a cost-efficient means of generating greater awareness among eyecare professionals for both companies’ products and provides an opportunity for us to further build our physician dispensed channel by promoting the first new ophthalmic steroid to enter the U.S. market in more than 15 years.”
“Avenova is long established as the leading doctor-recommended hypochlorous-based lid and lash spray, making it ideal for our highly differentiated prescription ophthalmic product portfolio,” stated Michael Rowe, CEO of Eyenovia. “We are delighted to offer this complementary, high-quality product through our sales team and to strengthen relationships with eyecare professionals prior to Clobetasol’s launch later this summer.”
Prescription Avenova is available through EyenoviaRx.com and Avenova.com. The non-prescription product is available directly to consumers through Amazon.com and other retailers.
About Clobetasol Propionate Ophthalmic Suspension,
Clobetasol, developed by Formosa Pharmaceuticals, was granted
PLEASE GO TO CLOBETASOLBID.COM FOR IMPORTANT SAFETY INFORMATION for Clobetasol Proprionate Ophthalmic Suspension
PLEASE GO TO MYDCOMBI.COM FOR IMPORTANT SAFETY INFORMATION for MYDCOMBI™ (tropicamide and phenylephrine hydrochloride ophthalmic spray)
About Avenova
Manufactured in the
About Eyenovia, Inc.
Eyenovia, Inc. (NASDAQ: EYEN) is an ophthalmic technology company commercializing MydCombi™ (tropicamide and phenylephrine hydrochloride ophthalmic spray)
The Eyenovia Corporate Information slide deck may be found at ir.eyenovia.com/events-and-presentations.
About NovaBay Pharmaceuticals, Inc.
NovaBay’s leading product Avenova® Antimicrobial Lid & Lash Solution is often prescribed by eyecare professionals for blepharitis and dry eye disease and is available directly to consumers through online distribution channels such as Amazon.com. It is clinically proven to kill a broad spectrum of bacteria to help relieve the symptoms of bacterial dry eye, yet is non-irritating and completely safe for regular use. In addition to this Avenova OTC product line, NovaBay offers the Avenova Allograft, an amniotic tissue prescription-only product, is available through eyecare professionals in
Eyenovia Forward-Looking Statements
Except for historical information, all the statements, expectations and assumptions contained in this press release are forward-looking statements. Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements relating to our future activities or other future events or conditions, including estimated market opportunities for our product candidates and platform technology, and the potential market for clobetasol propionate ophthalmic suspension
In addition, such statements could be affected by risks and uncertainties related to, among other things: risks of our clinical trials, including, but not limited to, the costs, design, initiation and enrollment, timing, progress and results of such trials; the timing of, and our ability to submit applications for, obtaining and maintaining regulatory approvals for our products and product candidates; the potential advantages of our products, product candidates and platform technology; the rate and degree of market acceptance and clinical utility of our products and product candidates; our estimates regarding the potential market opportunity for our products and product candidates; reliance on third parties to develop and commercialize our products and product candidates; the ability of us and our partners to timely develop, implement and maintain manufacturing, commercialization and marketing capabilities and strategies for our products and product candidates; intellectual property risks; changes in legal, regulatory, legislative and geopolitical environments in the markets in which we operate and the impact of these changes on our ability to obtain regulatory approval for our products; and our competitive position.
Any forward-looking statements speak only as of the date on which they are made, and except as may be required under applicable securities laws, Eyenovia does not undertake any obligation to update any forward-looking statements.
NovaBay Pharmaceuticals Forward-Looking Statements
Except for historical information herein, matters set forth in this press release may be forward looking within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including statements about the commercial progress and future financial performance of NovaBay Pharmaceuticals, Inc. 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 to potential financial impact of co-promotion agreements, as well as 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 the size of the potential market for our products, the possibility that the available market for the Company’s products will not be as large as expected, the Company’s products will not be able to penetrate one or more targeted markets, and revenues will not be sufficient to meet the Company’s cash needs. 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 and Registration Statement on Form S-1 filing 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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NovaBay Pharmaceuticals Contacts:
At the Company
Justin Hall
Chief Executive Officer and General Counsel
510-899-8800
www.novabay.com
sales@novabay.com
E: @NovaBayPharma
Investor Contact
Jody Cain
LHA Investor Relations
310-691-7100
jcain@lhai.com
Eyenovia Contacts:
At the Company
John Gandolfo
Chief Financial Officer
jgandolfo@eyenovia.com
Investor Contact
Eric Ribner
LifeSci Advisors, LLC
eric@lifesciadvisors.com
(646) 751-4363
Media Contact
Norbert Lowe
Vice President, Commercial Operations
nlowe@eyenovia.com
Source: NovaBay Pharmaceuticals, Inc.
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