NovaBay Pharmaceuticals Names Jack McGovern Interim CEO
NovaBay Pharmaceuticals announced that Jack McGovern has been named interim Chief Executive Officer, expanding his responsibilities as Chief Financial Officer to include overseeing daily operations. Mark M. Sieczkarek, the company’s previous CEO, remains NovaBay’s Chairman and will focus on strategic growth opportunities that complement the company’s continued organic growth.
“These leadership changes support the strategy of achieving profitable growth while actively seeking opportunities to broaden our commercial product offering,” Mr. McGovern said in a company news release. “NovaBay’s expanded sales organization is performing well as we target Avenova high prescribers with the goal of increasing the number of prescriptions per physician. Executing on this strategy requires a disciplined, efficient deployment of resources with hands-on oversight. We are focused on enhancing value for our shareholders and are increasingly optimistic about returning to double-digit sales and unit growth in 2019.
“We have developed a strong organizational infrastructure and implemented the key metrics that are critical to driving business success,” added Mr. McGovern. “Of utmost importance is the tremendous opportunity in promoting Avenova as a proven product that addresses the large, underserved conditions of blepharitis and bacterial dry eye, which represents about 85% of the dry eye market.”
Avenova is the only non-antibiotic commercial product with clinical data proven to treat the underlying cause of blepharitis and bacterial dry eye. Unlike traditional antibiotics, Avenova is safe for chronic use because it does not give rise to bacterial resistance.
“Business development is a priority as we identify commercial and late-stage ophthalmic products to leverage our sales organization,” said Mr. Sieczkarek. “This is a time-consuming process and my changing role at NovaBay allows me to dedicate more attention to advancing this important component of our strategy. I will continue to be actively engaged with the leadership team to drive the Company’s future success. This new role will also allow me to focus on ensuring we have sufficient financial resources to support our organic growth, as well as any acquisitions should appropriate opportunities arise.”
Mr. McGovern joined NovaBay as Chief Financial Officer in July 2017 with more than 30 years of experience in finance and operations. Previously he was Chief Operating Officer and CFO of Attainia, a SaaS-based provider of planning solutions for the healthcare industry sold to a private equity firm, and Managing Partner at Northshore Management Partners, a consultancy with an emphasis on financial capitalization, structuring and developing operational scale. Earlier he was COO/CFO at Integrated Biosystems, a venture-stage company in France; Executive Vice President at Strategic Capital, a boutique investment bank with a focus on M&A and COO/CFO of Oliver-Allen Corp., a computer leasing company. He began his career with KPMG after receiving a BS in accounting from Chico State University. Mr. McGovern is a licensed CPA in the State of California.