NovaBay Pharmaceuticals, Inc. (NBY) announced Monday an agreement to commercialize BioStem Technologies, Inc.'s (BSEM) Amniotic Tissue Allograft as Avenova Allograft. The company plans to launch Avenova Allograft in the coming weeks.
In pre-market activity on the NYSE, NovaBay shares were surging around 92 percent to trade at $1.19.
Amniotic Tissue Allograft is intended for use as a protective covering during the repair of ocular surfaces. It provides a protective environment or covering for repair of the cornea and conjunctiva, helping ocular surface to return to a healthier state.
Avenova Allograft is the only optic allograft manufactured using BioStem's patented six-step BioREtain process that preserves the natural integrity of the placental tissue.
NovaBay said it intends to commercialize the prescription-only product as Avenova Allograft to leverage its Avenova eyecare brand and encourage use with other Avenova products.
The new NovaBay-branded product will compete in the global ophthalmology amniotic membrane market estimated at $403.6 million in 2022, and is expected to grow at 9.8% per year between 2023-2030.
Medically necessary procedures with the Avenova Allograft will be reimbursed through Medicare.
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