EMERYVILLE, Calif. and NEW YORK - NovaBay Pharmaceuticals, Inc. (NYSE American: NBY) and Eyenovia, Inc. (NASDAQ: NASDAQ:EYEN) have entered into a co-promotion agreement to market prescription ophthalmic products to eyecare professionals within the United States.
Under this new partnership, NovaBay will promote Eyenovia's recently FDA-approved clobetasol propionate ophthalmic suspension 0.05% through its physician-dispensed channel. In turn, Eyenovia will market NovaBay's Avenova Antimicrobial Lid & Lash Solution across the country via its existing sales representatives.
The clobetasol propionate ophthalmic suspension, developed by Formosa Pharmaceuticals and approved by the FDA on March 4, 2024, is indicated for the treatment of inflammation and pain following ocular surgery. Clinical trials have shown that the treatment is effective, with a significant number of patients experiencing complete absence of post-surgical pain and inflammation within 15 days of surgery.
This product is noted for its convenience, requiring only one drop twice daily for two weeks, in contrast to the more frequent dosing required by most post-surgical eye drops.
Justin Hall, CEO of NovaBay, highlighted the significance of the co-promotion agreement, indicating that the partnership could leverage NovaBay's established physician-dispensed channel to further the commercialization of the new ophthalmic steroid, the first to enter the U.S. market in over 15 years.
Michael Rowe, CEO of Eyenovia, emphasized the potential for increased professional awareness and sales growth for Avenova, which has been available since 2015. He expressed confidence in the synergy between the two companies' sales channels.
Avenova, NovaBay's flagship product, is an antimicrobial solution used for the treatment of conditions such as blepharitis and dry eye disease. It has been available directly to consumers through online retailers, including Amazon (NASDAQ:AMZN).
This co-promotion is expected to enhance the reach of both companies' products in the eyecare market, providing eyecare professionals and patients with access to innovative treatments. The press release statement serves as the basis for this report.
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