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NovaBay Pharmaceuticals Expands Its Eyecare Product Portfolio With the Launch of Lubricating Eye Drops for the Immediate Relief of Dry Eye Symptoms
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NovaBay Pharmaceuticals (NYSE: NBY) expands its Avenova brand with the launch of Avenova Lubricating Eye Drops, targeting the growing dry eye market projected to reach $6.4 billion by 2028. The eye drops are formulated for immediate relief and are priced competitively at $19.99 for a twin pack. NovaBay's regimen includes Avenova Warm Eye Compress and Avenova Lid & Lash Solution, enhancing treatment efficacy. This product launch marks NovaBay's commitment to developing innovative eyecare solutions.
Positive
Launch of Avenova Lubricating Eye Drops targeting a growing market expected to reach $6.4 billion by 2028.
Competitively priced at $19.99 for two 15ml bottles, appealing to cost-conscious consumers.
Complements existing product line, strengthening the market position in the dry eye treatment segment.
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None.
Lubricating eye drops are the first choice for dry eye symptom relief, part of the global over-the-counter artificial tears market that is expected to reach $6.4 billion by 2028
New Avenova® Lubricating Eye Drops along with Avenova Warm Eye Compress and Avenova Lid & Lash Solution comprise NovaBay’s "science for sore eyes" three-step daily regimen for the at-home management of dry eye symptoms
EMERYVILLE, Calif.--(BUSINESS WIRE)--
NovaBay®Pharmaceuticals, Inc. (NYSE American: NBY), a pharmaceutical company focused on developing and commercializing high-quality, scientifically formulated products for the eyecare and skincare markets, announces the expansion of its Avenova brand with the launch of its Lubricant Eye Drops. These lubricating eye drops feature innovative ingredients and a mode of action that’s new to the eyecare market and formulated to bring immediate relief to those who suffer from the symptoms of dry eye.
Avenova Lubricant Eye Drops Twin-Pack. (Photo: Business Wire)
The Lubricating Eye Drops are an especially good value when compared to competitors, with two 15ml bottles sold as a twin pack for $19.99. The drops can be ordered directly online via Amazon.com, Avenova.com and DERMAdoctor.com. They are also available to eye care specialists for resale to their patients through NovaBay’s physician dispensed channel. Product photos available upon request.
Dry eye is a medical condition that occurs when there are insufficient tears to lubricate and nourish the eye, according to the American Optometric Association. Tears are necessary for maintaining the health of the front surface of the eye and for providing clear vision. People with dry eyes may experience irritated, gritty, scratchy or burning eyes, as well as excess watering, blurred vision and the feeling that something is in their eyes. Among the causes of dry eye are inadequate tear production, poor tear quality, age, medication, medical conditions such as blepharitis, environmental conditions including exposure to smoke, wind and dry climate, and other factors such as refractive eye surgery and contact lenses.
“Lubricating eye drops are the first-line, go-to product for treating the symptoms of dry eye because they can provide immediate relief from the discomfort and pain that’s often associated with this common condition,” said Justin Hall, NovaBay CEO. “As such, the global market for over-the-counter artificial tear products is significant and growing, and according to Allied Market Research, is expected to reach nearly $6.4 billion by 2028. With our new Lubricating Eye Drops, NovaBay now offers an OTC product with a unique formulation that we expect will be a strong competitor in this attractive market. To stand out in a competitive market, we have created an effective American-made product at an attractive price point that will be marketed and sold under our established brand in eyecare, Avenova.”
Avenova Lubricating Eye Drops are part of NovaBay’s “science for sore eyes” three-step daily regimen to help relieve symptoms for dry eye sufferers, all from the comfort of their homes. First, using the Lubricating Eye Drops leaves eyes feeling immediately soothed. Second, applying the Avenova Warm Eye Compress unclogs glands so that the body can produce its own tears. And third, using the Avenova Lid & Lash Solution patented spray helps relieve chronic eye conditions like bacterial dry eye, blepharitis, Meibomian gland dysfunction, contact lens intolerance and inflammation. Avenova antimicrobial Lid & Lash Solution is the No. 1 eyelid and lash cleanser in the U.S. dry eye market and is the only product clinically proven to treat the underlying cause of bacterial dry eye. The Lubricating Eye Drops do not contain hypochlorous acid and do not have an antimicrobial effect. They do however provide immediate symptomatic relief. For the best clinical outcome, it is important that customers use all three products together. Each product has its own mechanism of action and helps dry eye sufferers in their own unique way.
“This is our first product launch in 2022 and we expect to introduce more new products throughout the year,” added Mr. Hall.
About NovaBay Pharmaceuticals, Inc:
NovaBay Pharmaceuticals, Inc. is a pharmaceutical company that develops and sells scientifically created and clinically proven consumer products for the eyecare and skincare markets. Avenova® is the most prescribed antimicrobial lid and lash spray and CelleRx® is a breakthrough product in the beauty category. In November 2021, NovaBay acquired DERMAdoctor, LLC, a company offering more than 30 dermatologist-developed skincare products sold through traditional domestic retailers, digital beauty channels and international distributors.
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 our business strategies, current product offerings, marketing efforts, and any future revenue that may result from selling such products, 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 integration of DERMAdoctor’s business into the Company’s business, 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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Avenova Purchasing Information
For NovaBay Avenova purchasing information:
Please call 800-890-0329 or email sales@avenova.com.
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