The Novabateans latest stock offering is a milestone in the life of Novabays pharmaceuticals company.
The stock was on the verge of a market collapse after Novabayan announced its withdrawal from the Pharmaceutical Research and Manufacturers of America (PhRMA).
The stock is down around 15% in the past few weeks after the company announced the discontinuation of its pharmaceutical business and said it would focus on growing its core brand of generic drugs.
In a statement on its website, Novabayer said the company has been forced to take a “hard look at our business model.”
The company has had to reduce its workforce, cut staff expenses and focus on profitability in order to remain competitive, the statement said.
The company said it is making “significant investments in research and development” as well as manufacturing new drugs.
Novabayer is a leading generic drug manufacturer in the United States.
It has more than 50% market share and a market capitalization of about $7 billion.
Novabayed said its earnings per share were up 11% to $0.80 in the first quarter of 2018.
Novabor, founded in 1980, is a diversified drug company.
It offers over 50% generic drugs, and has its own generic drugs unit.
It also offers a large brand of generics.
The company said its fiscal year 2018 ended Sept. 30, and that it has received a $1.5 billion investment from NovabAYs stockholders.
Novobarbs shares closed down around 9% on Monday after the Nasdaq dropped nearly 7% in early trading Monday morning.
Novabby was down 4.4% on Tuesday before rebounding to 6.2% on Wednesday.