NovaBay Pharmaceuticals Announces Agreement with BioStem Technologies to Commercialize Amniotic Tissue Allograft as Avenova ‚ ® Allograft
2023-09-11 05:00 ET - News Release
EMERYVILLE, Calif. & POMPANO BEACH, Fla. -- (Business Wire)
NovaBay Pharmaceuticals, Inc. (NYSE American: NBY) and BioStem Technologies, Inc. (OTC: BSEM) announce an agreement under which NovaBay has been granted the right to commercialize BioStem Technologies’ Amniotic Tissue Allograft, which is intended for use as a protective covering during the repair of ocular surfaces.
Amniotic Tissue Allograft provides a protective environment or covering for repair of the cornea and conjunctiva, helping ocular surface to return to a healthier state. NovaBay intends to commercialize the prescription-only product as Avenova Allograft to leverage its Avenova eyecare brand and encourage use with other Avenova products. Medically necessary procedures with the Avenova Allograft will be reimbursed through Medicare.
Placentally derived human amniotic membrane is a potent source of pro-healing growth factors and anti-inflammatory cytokines. Amniotic allografts have successfully been used in regenerative medicine for over a century and dehydrated human amniotic membrane continues to be widely used as an ophthalmic covering. Avenova Allograft is the only optic allograft manufactured using BioStem Technologies’ patented six-step BioREtain® process that preserves the natural integrity of the placental tissue. This new NovaBay-branded product will compete in the global ophthalmology amniotic membrane market estimated at $403.6 million in 2022, and is expected to grow at 9.8% per year between 2023-2030.
“Avenova Allograft is a differentiated, high-quality product making it an ideal extension of our eyecare franchise,” said Justin Hall, CEO and General Counsel of NovaBay. “We look forward to launching Avenova Allograft in the coming weeks and making this valuable solution available for the eyecare professionals who specialize in treating dry eye.”
“Avenova Allograft is an ultra-thin, ultra-light structural tissue allograft composed of the amnion layer of the placental membrane. Our proprietary six-step BioREtain manufacturing process preserves the natural components of the tissue critical to the wound healing process and creates a product that is high-quality, versatile, and is applicable to a wide variety of topical ophthalmic covering applications. It is easy to use, and has no harsh chemicals or cryopreservants,” said Jason Matuszewski, CEO of BioStem Technologies. “Our company has an unwavering commitment to innovation, developing superior processes and delivering high-quality products. We manufacture products that change lives!”