NovaBay, China Pioneer Pharma To Co-Market Products
NovaBay Pharma has partnered with China Pioneer Pharma to market its products in China and 11 countries in Southeast Asia.
AsianScientist (Dec. 12, 2013) - NovaBay Pharmaceuticals, Inc. has expanded its NeutroPhase® commercial partnership agreement with China Pioneer Pharma Holdings Limited, a Shanghai-based company that markets pharmaceutical products.
The expanded agreement includes licensing rights to two new products, CelleRx™ and i-Lid™ Cleanser, developed by the MediBay Business Unit of NovaBay. It also covers the commercialization and distribution of these products in China and 11 countries in Southeast Asia.
CelleRx™ is a new product developed by NovaBay for use in the field of aesthetic dermatology. NovaBay's other new product, i-Lid™ cleanser, was designed for use in ophthalmological applications. With the expansion of the commercial partnership agreement to include these two products, Pioneer has agreed to purchase five million unregistered shares of NovaBay stock for a total investment of US$5.7 million.
"We have been extremely pleased with our relationship with NovaBay and look forward to the upcoming approval of NeutroPhase in China. We believe this market expansion will open up additional market opportunities," said Paul Li, chairman and CEO of Pioneer. "We are delighted to increase our equity investment in NovaBay and believe its portfolio of products has a great deal of promise globally."
"We are excited to expand our relationship with Pioneer," said Dr. Ron Najafi, chairman and CEO of NovaBay. "This investment strengthens our balance sheet and is indicative of Pioneer's commitment to NovaBay's commercial-stage product and its clinical pipeline led by auriclosene.”
Source: China Pioneer Pharma Holdings Limited.
Disclaimer: This article does not necessarily reflect the views of AsianScientist or its staff.