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NovaBay restructures to focus on Avenova sales

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NovaBay Pharmaceuticals announced its plans to restructure to focus on commercialization of its prescription Avenova Lid and Lash Cleanser and also to reduce operating expenses.

In addition, NovaBay Chairman Mark M. Sieczkarek has replaced company founder Ron Najafi, PhD, as president and chief executive officer, according to a press release from NovaBay.

“We have an exciting opportunity for continued rapid commercial progress and sales growth with Avenova,” Sieczkarek said in the release, “and we are taking steps to focus our efforts on further establishing our presence in the largely untapped U.S. market that we estimate at 41 million patients. We are significantly reducing expenses associated with research and development and clinical programs in order to direct all resources to our commercial priorities.”

NovaBay also reported that its third quarter Avenova sales exceeded $1.1 million, which is up 39% from the second quarter of 2015, and that the company raised $2.3 million in net proceeds from a public offering.