Emeryville, CA | March 26, 2024 — NovaBay Pharmaceuticals, Inc. (NYSE American: NBY) announces the closing of the previously announced divestiture of its DERMAdoctor Skincare Business Segment.
“This sale will reduce our quarterly operating expenses and provide us with much-needed cash during this challenging capital market environment. It also streamlines our business by placing us in a better position to pursue new strategic opportunities that have greater potential for growth,” said Justin Hall, CEO of NovaBay.
“We expanded our product lineup in the direct-to-consumer market during the height of COVID-19 with the expectation that growth in eCommerce sales would continue post-pandemic,” he added. “Unfortunately, our projections for DERMAdoctor sales and profitability were not realized. This divestiture aligns with our strategy of executing on more promising transactions that involve our core Avenova® business such as our recently announced co-promotion partnership with Eyenovia.”
NovaBay Pharmaceuticals was advised by Two Roads Advisors LLC, a boutique investment bank.
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