NovaBay Pharma Announces an Agreement With BioStem To Commercialize Amniotic Tissue Allograft

NovaBay Pharmaceuticals, Inc. and BioStem Technologies, Inc. have announced an agreement under which NovaBay has been awarded the exclusive right to commercialize BioStem Technologies' Amniotic Tissue Allograft, which is designed to be used as a protective covering during ocular surface restoration. Amniotic Tissue Allograft creates a protective environment or coating for corneal and conjunctival restoration, allowing the ocular surface to mend. NovaBay plans to market the prescription-only medicine as Avenova Allograft in order to capitalize on its Avenova eyecare brand and encourage use with other Avenova products.

Medicare will cover medically required operations involving the Avenova Allograft. Human amniotic membrane generated from placenta is a rich source of pro-healing growth factors and anti-inflammatory cytokines. Amniotic allografts have been utilized successfully in regenerative medicine for more than a century, and dehydrated human amniotic membrane is still commonly employed as an ocular covering. Avenova Allograft is the only optic allograft made with BioStem Technologies' proprietary six-step BioREtain® process, which retains the placental tissue's natural integrity.

This new NovaBay-branded product will compete in the global ophthalmology amniotic membrane market, which is predicted to be worth $403.6 million in 2022 and to increase at a 9.8% annual rate between 2023 and 2030. Amniotic Tissue Allograft creates a protective environment or coating for corneal and conjunctival restoration, allowing the ocular surface to mend. NovaBay plans to market the prescription-only medicine as Avenova Allograft in order to capitalize on its Avenova eyecare brand and encourage use with other Avenova products. Medicare will cover medically required operations involving the Avenova Allograft.