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Stablecoin Development Corporation, formerly NovaBay Pharmaceuticals, reports developments tied to its transition from a pharmaceutical and eyecare-products issuer to an on-chain holding company focused on the Sky protocol ecosystem. Company updates include SKY token holdings, staking activity, strategic investment activity, and the completed corporate name and ticker change from NovaBay Pharmaceuticals and NBY to Stablecoin Development Corporation and SDEV.
Earlier NovaBay news centered on Avenova eyecare products, the completed sale of the Avenova business and related assets, NYSE American listing compliance, shareholder meetings, proxy matters, capital-structure actions, and proposals related to the company’s corporate direction.
NovaBay Pharmaceuticals reported strong financial results for 2020, with a 51% increase in net product revenue, totaling $9.9 million. Fourth quarter revenue reached $1.9 million, up 10% year-over-year. Avenova sales, key to growth, accounted for $1.5 million in Q4 2020. The company improved its balance sheet, reducing cash burn and eliminating major debts. Operating loss for 2020 was $6.4 million, a 32% decrease from 2019. Cash reserves increased to $12 million. Future plans include expanding sales and exploring acquisitions in skincare and ophthalmic products.
NovaBay Pharmaceuticals, Inc. (NYSE American: NBY) will disclose its financial results for the year ending December 31, 2020, after market close on March 25, 2021. The company will host a conference call at 4:30 p.m. ET on the same day to discuss these results with investors. Participants can pre-register for the call to receive a unique PIN for immediate access, or join live by dialing designated phone numbers. A replay will be available until April 15, 2021. More details can be found on NovaBay's investor website.
NovaBay Pharmaceuticals (NYSE American: NBY) will hold one-on-one investor meetings at the Virtual 33rd Annual Roth Conference from March 15-17, 2021. The company focuses on commercializing Avenova® for eye care and CelleRx® Clinical Reset™ for beauty. Investors can arrange meetings through Roth Capital Partners or LHA Investor Relations. Additionally, the corporate presentation is available on the company's website. NovaBay specializes in non-antibiotic anti-infective products, including the NEUTROX® family and AGANOCIDE® compounds.
NovaBay Pharmaceuticals (NYSE American: NBY) provided a Letter to Stockholders detailing its growth strategy for 2021, focusing on expanding sales of Avenova and CelleRx Clinical Reset. Avenova will debut in 3,000 CVS stores, enhancing consumer access. The company aims to build on its strong market position, targeting the large ophthalmic and skincare markets. Independent lab results confirm Avenova's effectiveness against SARS-CoV-2. NovaBay improved its financial standing, reducing cash burn and eliminating debt to support growth initiatives.
NovaBay Pharmaceuticals (NBY) announced that its hypochlorous acid solution has gained EPA approval for killing SARS-CoV-2, the virus causing COVID-19. This follows independent lab tests proving its efficacy on hard surfaces, validating the product for consumer use on items like eyeglasses and cell phones. CEO Justin Hall emphasized the significance of this approval, highlighting NovaBay's innovation in stabilizing hypochlorous acid without toxic chemicals. The company aims to address unmet therapeutic needs in the topical anti-infective market.