NovaBay Pharmaceuticals Announces Agreement to Sell its DERMAdoctor Skincare Business Segment; Announces Preliminary Financial Results for Fourth Quarter and Year Ended December 31, 2023 [...
Eyenovia, Inc. (EYEN)
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Source: Yahoo! Finance
EMERYVILLE, Calif., March 14, 2024 BUSINESS WIRE )--NovaBay ® Pharmaceuticals, Inc. (NYSE American: NBY), a company developing and commercializing high-quality eyecare and wound care products, announces that the Company has entered into an agreement to sell its DERMAdoctor ® skincare business including all product inventory for approximately $1.0 million in cash. NovaBay expects to close the transaction before the end of the first quarter of 2024 and provide certain transitional services for the next 90 days. "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
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