Shares of NovaBay Pharmaceuticals (NYSE:NBY) more than doubled in premarket trading today, reaching $1 after the biopharma company announced a major asset sale.
NovaBay revealed it has signed an agreement to sell the assets of its Avenova brand and business for $9.5 million to private eyecare company, Physician Recommended Nutriceuticals.
Avenova, known for its spray treatment used to alleviate eye inflammation and dry eye disease, is a key player in the company's ocular health portfolio, which also includes cleansing sprays, absorbent wipes, and heated eye masks. NovaBay expects the deal to close in the fourth quarter of 2024.
Prior to this news, NovaBay’s share price has plummeted by 93% year-to-date, making today's surge a significant turnaround for the company.