Shares of nano-cap biopharmaceutical company NovaBay Pharmaceuticals, Inc. NBY skyrocketed 220 percent Monday morning after the company inked an agreement to sell its eye care product on Amazon.com, Inc. AMZN.
What Happened
NovaBay's eye care product called Avenova is designed for removal of microorganisms and debris which typically leads to meibomian gland dysfunction, dry eye and blepharitis. The company said Monday Avenova will start selling on Amazon at a price of $29.99 and without a prescription.
According to a search on Amazon, the product was in stock as of Monday morning and ready to be shipped.
Why It's Important
NovaBay Interim President and CEO Justin Hall said in a press release Avenova will remain available for sale in retail pharmacies and at certain eye care specialists. The decision to sell on Amazon is a direct response from patients and physicians who wanted greater access to its products.
NovaBay plans on supporting the launch of its product on Amazon through a promotional strategy, including search engine optimization and ads on social media platforms. The company wants to target influencers, ophthalmologists, optometrists and current and former Avenova patients.
The stock traded around 66 cents per share, higher by 208 percent in Monday's pre-market session. Editor's note: The stock closed Monday's session higher by 874 percent at $3.10 per share. The stock was halted on a circuit breaker more than a dozen times during the trading session.
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