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NovaBay Pharmaceuticals has agreed to sell its Avenova products to PRN Physician Recommended Nutriceuticals for $9.5 million in cash, the companies announced Sept. 20.
The deal is expected to close in Q4-2024.
NovaBay, of Emeryville, California, will also seek stockholder approval to dissolve, liquidating remaining company assets and making distributions of any proceeds to stockholders. The company was founded in 2000.
PRN is a subsidiary of Acumen Health Holdings, of Blue Bell, Pennsylvania, a dietary supplements company focused on eye health and companion animals.
Scott Woodruff, CEO of Acumen, said in a statement that NovaBay “pioneered the use of hypochlorous acid in eye care.”
He added that the acquisition “broadens PRN’s existing eye health product portfolio and allows PRN to better serve patients through offering an expanded suite of science-based eye health products.”
The Avenova brand includes cleansing sprays, absorbent wipes, and heated eye masks, all designed to improve ocular health. The Avenova Lid and Lash Cleansing Spray is a hypochlorous acid spray intended to promote eye hygiene.
Avenova products are sold through the direct-to-consumer, professional, and retail pharmacy channels.
On March 25, 2024, NovaBay completed a divestiture of its DERMAdoctor portfolio for $1.1 million.
On May 30, 2024, NovaBay conducted a 1-for-35 reverse split of its outstanding common stock.
In an SEC filing on Aug. 13, 2024, the company issued a going concern warning.