NovaBay Pharmaceuticals Launches Avenova Product Bundles for Individualized Relief from Multifactorial Dry Eye Symptoms

Rhea-AI Summary

NovaBay Pharmaceuticals, Inc. (NYSE American: NBY) introduces an expanded line of Avenova product bundles to address individualized relief from dry eye symptoms. The U.S. market for dry eye treatment is projected to reach $4.86 billion by 2030, with approximately 16 million Americans suffering from dry eye disease. The new Avenova bundles align with optometrists' recommendations for personalized treatment beyond artificial tears, offering easy, affordable, and effective solutions for managing dry eye symptoms.

Positive

• Projected growth in the U.S. dry eye treatment market to $4.86 billion by 2030.

• Avenova product bundles designed to provide personalized relief from dry eye symptoms.

• Alignment with optometrists' findings on the multifactorial nature of dry eye disease.

• Inclusion of Avenova Antimicrobial Lid & Lash Solution, the No. 1 hypochlorous acid lid and lash spray.

• Offering specially priced bundles with mini regimens for more effective dry eye symptom management.

Negative

• Competition in the dry eye treatment market may impact sales of Avenova products.

• Uncertainty regarding consumer adoption of the new Avenova product bundles.

Approximately 16 million Americans suffer from dry eye disease with the U.S. market for dry eye treatment projected to reach $4.86 billion by 2030

EMERYVILLE, Calif.--(BUSINESS WIRE)-- NovaBay^® Pharmaceuticals, Inc. (NYSE American: NBY), a company developing and commercializing high-quality eyecare and wound care products, announces the introduction of an expanded line of Avenova^® product bundles specifically designed to provide easy, affordable and effective solutions for individualized relief from dry eye symptoms. The new Avenova product bundles align with findings among optometrists surveyed in the Eyes on Eyecare 2024 Dry Eye Report of the multifactorial nature of dry eye disease and the recommendation that personalized treatment beyond artificial tears may be important for successful management.

“Dry eye syndrome is one the most commonly observed clinical diseases in the U.S. with approximately 16 million Americans suffer from this condition. As dry eye and other ocular surface diseases become increasingly prevalent, the U.S. dry eye syndrome treatment market is projected to grow from $3.02 billion in 2023 to $4.86 billion by 2030 as more consumers seek relief,” said Justin Hall, CEO of NovaBay. “Our new Avenova product bundles align with where we see the market going, as confirmed by the 2024 Dry Eye Report. The report specifically identified daily lid and lash hygiene as among the top three approaches for patients for dry eye disease, and hypochlorous acid as a top approach for patients with Demodex blepharitis. The cornerstone of each product bundle is Avenova Antimicrobial Lid & Lash Solution, the No. 1 physician-recommended hypochlorous acid lid and lash spray, which is recommended for twice daily use. Importantly, Avenova spray is formulated with our proprietary pure hypochlorous acid, differentiating it from other hypochlorous acid sprays on the market.

“Recognizing that dry eye can be stubborn with multiple underlying causes, we broadened the Avenova product line over the past several years to encompass a full portfolio of scientifically developed products for each step of the standard dry eye treatment regimen,” he added. “We are now taking the next step by offering specially priced bundles that are essentially mini regimens with fundamental modalities such as hygiene, heat therapy, hydration and nutrition, to help consumers select a group of products to more effectively combat their symptoms of dry eye. This bespoke approach to improving consumer satisfaction is expected to further increase Avenova brand loyalty.”

NovaBay offers everyday discounts on its Avenova product bundles and is currently running a special additional 10% off introduction on the already low price for new bundles. In addition to Avenova spray, the Avenova over-the-counter product line includes the Avenova Eye Health Support antioxidant-rich oral supplement, Avenova Lubricating Eye Drops for instant relief, Avenova Warm Eye Compress to soothe the eyes and the i-Chek by Avenova to monitor physical eyelid health. Avenova product bundles are now available on Avenova.com.

The 2024 Dry Eye Report surveyed 337 optometrists across the U.S., with the majority as primary eye care and dry eye specialists. According to respondents, more than 80% found dry eye diagnosis and treatment moderately to extremely important in generating revenue for their practices, and estimate that more than two-thirds of their patients have some form of dry eye disease. Dry eye was ranked as the second top area of specialization among those surveyed, exceeded only by primary care, and is expected to account for 43% of clinical focus in the next 12 months, up from 17% in 2023. Among the factors driving increased interest are the escalating prevalence of dry eye, heightened awareness of contributing factors and more diagnostic capabilities.

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 the United States.

Forward-Looking Statements
This release contains information about management's view of the Company's future expectations, plans and prospects that constitute forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the fact that they do not relate strictly to historic or current facts. Such forward-looking statements 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, commercial progress, current and potential future sales channels, and any future revenue, and the timing of such revenue, that may result from these marketing efforts, as well as generally the Company’s expected future financial results. These statements involve 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 these 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 Company’s products not being able to penetrate one or more targeted markets and the Company’s ability to continue as a going concern and revenues (or the execution on capital raise opportunities) not being 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-K/Q filings 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
Avenova.com

View source version on businesswire.com: https://www.businesswire.com/news/home/20240513697418/en/

NovaBay Contact

Justin Hall

Chief Executive Officer and General Counsel

510-899-8800

jhall@novabay.com

Investor Contact

LHA Investor Relations

Jody Cain

310-691-7100

jcain@lhai.com

Source: NovaBay Pharmaceuticals, Inc.

FAQ

How many Americans suffer from dry eye disease?

Approximately 16 million Americans suffer from dry eye disease.

What is the projected market size for dry eye treatment by 2030?

The U.S. market for dry eye treatment is projected to reach $4.86 billion by 2030.

What is included in the Avenova product bundles?

The Avenova product bundles include Avenova Antimicrobial Lid & Lash Solution and other products for dry eye relief.

Where can consumers find the Avenova product bundles?

Avenova product bundles are now available on Avenova.com.

What distinguishes Avenova Antimicrobial Lid & Lash Solution from other sprays?

Avenova Antimicrobial Lid & Lash Solution is formulated with proprietary pure hypochlorous acid.