NovaBay Pharmaceuticals, Inc. (AMEX:NBY) shares are trading higher after the company was granted the right to commercialize Biostem Technologies' amniotic tissue allograft. The product, Avenova Allograft, is intended for use as a protective covering during the repair of ocular surfaces. The company plans to launch the product in the coming weeks. NovaBay shares are moving higher on very heavy trading volume, with more than 45 million shares traded in the session, compared to the stock's 100-day average of slightly more than 195 thousand shares.