JFrog stock rises as Cantor Fitzgerald maintains Overweight rating after strong Q2
EMERYVILLE, Calif. & NEW YORK - NovaBay® Pharmaceuticals, Inc. (NYSE American: NBY) and Eyenovia, Inc. (NASDAQ: NASDAQ:EYEN) have initiated a co-promotion partnership, leveraging their respective resources to enhance the distribution and awareness of their ophthalmic products. The collaboration, which was previously announced, is now actively promoting NovaBay's Avenova® and Eyenovia's MydCombi™ to large ophthalmic surgery centers.
The partnership has Eyenovia's salesforce presenting Avenova Antimicrobial Lid & Lash Solution alongside MydCombi, an FDA-approved product for mydriasis. Concurrently, NovaBay is preparing the market for Eyenovia's upcoming launch of Clobetasol Propionate Ophthalmic Suspension, 0.05%, an innovative treatment for postoperative inflammation and pain, expected to be available in August 2024.
NovaBay's outreach is concentrated on eyecare professionals within its established network, complementing Eyenovia's geographic coverage.
Justin Hall, CEO of NovaBay, expressed enthusiasm for the joint venture, highlighting the cost-efficient strategy to increase product exposure and the opportunity to enhance their physician-dispensed channel. Michael Rowe, CEO of Eyenovia, also shared optimism about the partnership, emphasizing the complementary nature of Avenova for their prescription ophthalmic portfolio and the anticipation of Clobetasol's launch.
Avenova, known for its hypochlorous acid formulation, is recommended for bacterial dry eye and is available for prescription and non-prescription use through various online retailers. Eyenovia's Clobetasol, developed by Formosa Pharmaceuticals and FDA-approved on March 4, 2024, has shown promising clinical results, with a significant number of patients experiencing complete relief from post-surgical pain and inflammation within 15 days.
This news is based on a press release statement.
In other recent news, Eyenovia announced its Q1 2024 financial results, revealing a net loss of $10.9 million with unrestricted cash reserves of $8 million. The company highlighted its FDA-approved products MidCap and clobetasol, and its late Phase III development product, MicroPine. Eyenovia also revealed a collaboration with SGN Nanopharma for potential dry eye treatment and progress in commercializing Mydcombi.
The company's licensing agreements with Arctic Vision have generated $16 million, with the potential for additional milestones and royalties. Eyenovia aims to expedite the development of MicroPine and introduce Gen 2 into the commercial market. A data readout for MicroPine is expected in Q4 2024, with plans to have enough capital to sustain operations beyond that point.
The company reported an increased net loss compared to the previous year, with a significant rise in operating expenses, including repatriation costs. Eyenovia is dependent on the success of Gen 2 for a more efficient cost structure and profitability.
These are among the recent developments in the company's journey towards profitability.
InvestingPro Insights
As NovaBay Pharmaceuticals, Inc. and Eyenovia, Inc. embark on their co-promotion partnership, investors and stakeholders are closely watching the performance of Eyenovia (NASDAQ: EYEN), especially considering its recent financial metrics and market movements. According to real-time data from InvestingPro, Eyenovia has experienced significant price volatility, with a 1 Week Price Total Return showing a decrease of -10.63% and a 1 Month Price Total Return of -26.47%. This aligns with the InvestingPro Tip that the stock has taken a big hit over the last week and month, indicating a period of instability for the company's shares.
Furthermore, the financial health of Eyenovia can be gleaned from its latest financial data. The company's Gross Profit Margin for the last twelve months as of Q1 2024 stands at -22779.04%, and its Operating Income, adjusted for the same period, is -30.21M USD. These figures underscore some of the challenges the company faces, such as weak gross profit margins and significant losses in operating income, which are important considerations for investors.
InvestingPro Tips also suggest that analysts do not anticipate the company to be profitable this year, and the stock has fared poorly over the last month. For investors seeking a more comprehensive analysis, there are additional tips available on InvestingPro for Eyenovia, which can be accessed at: https://www.investing.com/pro/EYEN. Using the coupon code PRONEWS24, readers can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, offering them a deeper dive into the factors influencing Eyenovia's market performance. Currently, there are 15 additional InvestingPro Tips available that could provide further insights into the company's prospects and investment potential.
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