NovaBay Pharmaceuticals, Inc. (NBY) Enters Option Agreement with Virbac Animal Health for Aganocides®Source: http://blog.qualitystocks.net/qualitystocks-stock-newsletters/novabay-pharmaceuticals-inc-nby-enters-option-agreement-with-virbac-animal-health-for-aganocides%C2%AE/
Posted on Wednesday, March 21st, 2012 | In Current Market News, Small & Micro Cap
NovaBay Pharmaceuticals, a promising, clinical-stage biotechnology company, announced yesterday that it has reached a feasibility and option agreement with Virbac Animal Health for the development and potential commercialization of Aganocides: first-in-class, non-antibiotic, anti-infective compounds for the topical treatment and prevention of a wide variety of bacterial, viral, and fungal infections for veterinary use.
The agreement dictates that Virbac will conduct veterinary studies with the Aganocide compounds to determine their feasibility as treatments for several veterinary indications. NovaBay will receive an upfront payment plus additional support for research and development.
The deal becomes even more lucrative for NovaBay if Virbac exercises its option to license exclusive worldwide rights to market Aganocides for one or more of the previously mentioned indications. If exercised, NovaBay may receive additional payments, including an exercise fee in addition to development and pre-commercial milestones for a line of veterinary products. Another exciting feature of this agreement is that NovaBay will receive royalties on sales of any successfully commercialized Aganocide.
Through the development of the proprietary Aganocide compounds, NovaBay seeks to address the substantially unmet medical need in the global anti-infective market. The innovative molecules in the Aganocide® compounds have shown broad antimicrobial activity against highly drug-resistant organisms, without promoting further resistance in the organisms. NovaBay’s primary compound, NVC-422, is in advanced Phase 2 clinical development in ophthalmology, dermatology, and urology.
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