NEW YORK (TheStreet) -- Novabay Pharmaceuticals (NBY) shares are up 11.46% to 93 cents per share in afternoon trading on Thursday after the biopharmaceutical company announced that it received clearance from the Food and Drug Administration to market its hydrogen peroxide based contact lens disinfection system, intelli-Case.
Hydrogen peroxide is currently not used in many disinfection systems because of the difficulty in tracking its concentration.
Hydrogen peroxide is one of the most effective disinfectants on the market, but it loses its effectiveness over time. Too weak a dose and the contact lens fails to be cleaned, too strong and the lens could irritate the eye.
"We believe that intelli-Case can revolutionize contact lens care by making the peroxide disinfection system as simple as using multipurpose solutions. Following the launch of Avenova, intelli-Case is the second in a series of cutting-edge products being developed by NovaBay that target unmet needs in the eye care market and demonstrates our strong commitment to innovation," said CEO Ron Najafi, Ph.D.
Intelli-Case monitors the neutralization of hydrogen peroxide during the disinfection cycle, allowing users to be sure that their contact lenses are being cleaned properly.
Novabay shares are trading on heavy volume today with 4.1 million shares changing hands so far, well ahead of the stock's 400,000 share daily average.
TheStreet Ratings team rates NOVABAY PHARMACEUTICALS INC as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
- You can view the full analysis from the report here: NBY Ratings Report