Career
In 1899 with a German chemist named Hermann Hille, Barnes developed a mild silver nitrate antiseptic solution, marketed as Argyrol. Used in the treatment of gonorrhea and as a preventative of gonorrheal blindness in newborn infants, Argyrol was an immediate financial success. Barnes proved adept at running the business: to avoid having Argyrol being stolen by competitors, he convinced Hille not to patent it; he marketed directly to physicians, and took his product abroad. Within five years of starting the business in 1902, the firm cleared $250,000 in profits (roughly $5.8 million today). After buying out Hille, in 1907 Barnes had become a millionaire by the age of 35. In July 1929, he sold his business for a reported sum of $6 million. The move was well timed, as he sold before the 1929 stock market crash and the discovery of antibiotics, which replaced Argyrol in use.
Read more about this topic: Albert C. Barnes
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