Biotech junior Novabay Pharmaceuticals (NYSEMKT:NBY) has demonstrated significant and meaningful results from a phase IIb study of its new urinary catheter clearing treatment.
Shares rose more than 10% on the news to US$3.85.
Auriclosene Irrigating Solution (AIS), a non-antibiotic anti-microbial treatment, was trialled on patients with severe urinary catheter blockages and compared to a saline solution, the current standard of care.
Those treated with auriclosene saw no incidences of blockages, whereas the saline group reported problems in 28% of cases.
No adverse events were noted and the new treatment was generally well-received said Novabay.
Mark Sieczkarek, NovaBay’s chief executive, said the trial had highlighted the potential for AIS to prevent urinary catheter blockage and encrustation in this patient population.
Millions of dollars for the health care system would be saved as a result as well as improving the lives of sufferers, he said.
Next steps for AIS are for a partnering, licensing or joint venture deal to pay for the pivotal phase III trial, something that would also bring capital into the company while it focuses on its Avenova eye hygiene product.