Clinical-stage biopharmaceutical company NovaBay Pharmaceuticals announced it has expanded its NeutraPhase commercial partnership agreement with Shanghai-based China Pioneer Pharma Holdings Limited. The new agreement replaces the former option to invest $3 million in NovaBay, and the expanded agreement includes licensing rights to two new products: CelleRx and i-Lid Cleanser, both developed by the MediBay Business Unit of NovaBay. The expanded partnership agreement covers commercialization and distribution of these products in China and 11 countries in Southeast Asia.
A new product developed by NovaBay, CelleRx was created for use in the aesthetic dermatology field. i-Lid Cleanser, the company’s other new product, was designed for use in ophthalmological applications. In conjunction with the expansion of the commercial partnership agreement to include these two NeutroPhase products, Pioneer has agreed to buy 5 million unregistered shares of NovaBay stock for a total investment of $5.7 million.
“We have been extremely pleased with our relationship with NovaBay and look forward to the upcoming approval of NeutroPhase in China,” said Pioneer Chairman and CEO Paul Li. “We believe this market expansion will open up additional market opportunities. We are delighted to increase our equity investment in NovaBay and believe its portfolio of products has a great deal of promise globally.”
Going forward, NovaBay plans to establish additional marketing partnerships for CelleRx and i-Lid Cleaner in select territories around the world. Those interested in partnering opportunities in the United States, Europe and elsewhere in the world should contact Senior VP, Business Development Roy Wu at this link: novabay.com/contact-business-development.
For more information, visit www.novabay.com or www.pioneer-pharma.com
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