In an Interview with CEOCFO, Mark Sieczkarek, CEO of NovaBay Pharmaceuticals, Explains Why the Company is on a Path to Success in the Eye Care Market
AUSTIN, TX / ACCESSWIRE / January 30, 2017 / CEOCFO Magazine, an independent investment publication that highlights important technologies and companies, today released an interview [http://ceocfointerviews.com/interviews/NovaBayPharmaceuticals17.htm] with Mark M. Sieczkarek, Chairman and CEO of NovaBay® Pharmaceuticals, Inc. (NYSE MKT: NBY), a biopharmaceutical company focusing on commercializing prescription Avenova® lid and lash hygiene for the domestic eye care market.
In the interview, Mr. Sieczkarek described how NovaBay is helping patients and seeing rapid revenue growth in a large, relatively untapped segment of the ophthalmology market.
"We have a positive outlook for double-digit revenue growth in 2017," he told CEOCFO Magazine's Bud Wayne. "We have a proven track record of increasing Avenova sales and a strategy that targets high-margin business. Our plan is to continue growing revenue as we focus on building shareholder value."
"The key to NovaBay' success was a change in strategy in late 2015," said Mr. Sieczkarek. At the time, NovaBay was developing several products, "But I recognized an exciting opportunity to commercialize a unique product, Avenova® lid and lash hygiene, in a market that we estimate at 41 million Americans," Mr. Sieczkarek explained. He directed NovaBay's resources to its commercial operations and hired a sales force with experience selling ophthalmology products.
Last year, NovaBay raised $20 million through "friendly transactions" mainly with previous investors, and "I also made a significant investment of my own funds as a demonstration of my conviction," said Mr. Sieczkarek.
The strategy is paying off, with sales expected to be up 146 percent in the fourth quarter of 2016 over the prior year. "We ended 2016 with $9.5 million in cash, our highest cash balance in two years," said Mr. Sieczkarek.
Avenova is the only eye care product that contains NovaBay's proprietary, stable and pure form of hypochlorous acid, called Neutrox. Neutrox "has shown potent antimicrobial action and neutralizes bacterial toxins," Mr. Sieczkarek explained. "It is ideal for managing chronic conditions such as blepharitis and dry eye, as well as for pre- and post-use in eye surgeries."
Doctors and patients report that with twice per day simple lid and lash cleansing, Avenova can bring relief from symptoms of those chronic conditions in as little as two weeks. In addition, with Avenova's success, the company has been able to attract key opinion leaders in the ophthalmic and optometric communities as advisors. "Many of our advisors have issued their own press releases featuring observations from Avenova use by their patients," said Mr. Sieczkarek.
"While Avenova is by far the company's largest revenue producer, NovaBay has other products," Mr. Sieczkarek added. "The company has two additional commercial products based on Neutrox, NeutroPhase® Skin and Wound Cleanser for wound care with a proven track record as adjuvant treatment for devastating "flesh eating disease" and CelleRx® cleanser for various skin and cosmetic procedures."
In addition, NovaBay has a second technology called Aganocides ® with a lead compound called Auriclosene®. "Auriclosene is a patented, synthetic molecule with a broad spectrum of activity against bacteria, viruses and fungi," explained Mr. Sieczkarek. Clinical trials show that it has great potential to prevent urinary catheter blockage and encrustation, a problem that affects an estimated 100,000 patients in the U.S. with indwelling catheters and represents a potential annual market of more than $700 million. Mr. Sieczkarek added, "We are activity pursuing licensing, partnering and other transactions to monetize this and other non-core assets to further support Avenova commercialization."
SOURCE: CEOCFO Magazine