NovaBay Pharmaceuticals, Inc. (NYSEAMERICAN: NBY) is having an incredibly strong start to the trading session this morning, and for good reason. The company announced that it has received distribution approval in Australia, sending the stock up well over 20% early on. Here’s what’s happening:
Stop wasting your time! Start finding winning trades in minutes with Trade Ideas!
NBY Stock Pops On Distribution Approval
In a press release issued early this morning, NovaBay Pharmaceuticals announced positive regulatory news. The company announced that it received approval for the distribution of Avenova in Australia.
NBY said that the approval came from the Australian Government Department of Health. Moreover, the company has been provided an Australian Register of Therapeutic Goods Certificate, which will allow the facilitation of this distribution.
The comapny said that the Australian Register of Therapeutic Goods certificate is only provided to prescription and over-the-counter medications that meet Australian standards of quality, safety and efficacy.
In a statement, Justin Hall, President and CEO at NBY, had the following to offer:
We are pleased to receive approval to market Avenova in Australia and are planning to engage a distributor in the near term. This marks another step forward in our goal to increase the availability of Avenova to dry eye sufferers. Avenova is the only commercially available pure hypochlorous acid formulation and we believe it is the best product to treat the chronic bacterial infections that affect approximately 85% of all dry eye sufferers and we are delighted we can make it available to Australians who struggle with this affliction. Avenova is free from the bleach impurities found in other hypochlorous products, is soothing to the eye, and is safe and effective for long-term use.
This News Is Huge!
The news released by NovaBay Pharmaceuticals today proved to be overwhelmingly positive. First and foremost, the news means that the company now has a large, untapped audience to promote its products to.
Of course, this will likely lead to substantial growth in sales, top line revenue, and bottom line earnings. As we know, the reason for investing in a company is to see growth. With the news, and growth likely around the corner, it only makes sense to see that investors are excited about the opportunity here.
Stop wasting your time! Start finding winning trades in minutes with Trade Ideas!
Don’t Miss The Next Big Story!
Join our free mailing list below to receive real-time news alerts!