Novan Announces Inclusion in Russell Microcap® Index
Novan, Inc. (NASDAQ: NOVN) has been selected for inclusion in the Russell Microcap® Index, effective after the U.S. market close on June 25, 2021. This milestone follows the announcement of positive Phase 3 study results for SB206, aimed at treating molluscum contagiosum. The company anticipates submitting an NDA to the FDA by Q3 2022, marking a significant step forward. The inclusion in the index is expected to enhance visibility to institutional investors, potentially increasing investment in Novan's promising pipeline.
- Inclusion in the Russell Microcap® Index expected to enhance visibility and access to institutional investors.
- Positive Phase 3 study results for SB206 boost confidence in the company's pipeline.
- Potential NDA submission to the FDA targeted for Q3 2022 represents a significant milestone.
- Risks related to regulatory approval process and potential delays in NDA submission.
DURHAM, N.C., June 24, 2021 (GLOBE NEWSWIRE) -- Novan, Inc. (“the Company” or “Novan”) (Nasdaq: NOVN), today announced that as part of the annual reconstitution of the Russell stock indexes, Novan has been selected to join the Russell Microcap® Index, effective after the U.S. market close on June 25, 2021, according to the list of additions published by FTSE Russell as of June 4, 2021.
“This is truly an exciting time for Novan, on multiple fronts. On the heels of our recently announced positive data across all three of our priority pipeline development programs, importantly, the statistically significant results from our Phase 3 study of SB206 for the treatment of molluscum, we are confident in the potential of our NITRICIL™ technology to treat multiple indications. Our team’s hard work and dedication have brought us to this point, and we remain dedicated to advancing these programs. We believe we are well-positioned to continue building momentum and drive value in the near- and long-term,” commented Paula Brown Stafford, President and Chief Executive Officer of Novan.
John M. Gay, Chief Financial Officer of Novan, added, “Our addition to the Russell Microcap® Index is another step demonstrating the evolution of Novan. For the first time in the Company’s history, we are in a position to potentially submit an NDA with the FDA, targeted for no later than the third quarter of 2022, representing a watershed moment for our shareholders. The inclusion of Novan on this index should allow us greater access and visibility to institutional investors and investment managers as we continue to progress our pipeline portfolio.”
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For more information on the Russell Microcap® Index and the Russell indexes reconstitution, go to the “Russell Reconstitution” section on the FTSE Russell website.
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About Novan
Novan, Inc. is a clinical development-stage biotechnology company focused on leveraging its proprietary nitric oxide (NO) based technology platform, NITRICIL™ to generate macromolecular New Chemical Entities (NCEs) to treat multiple indications in dermatology, men’s and women’s health, infectious diseases and gastroenterology conditions with significant unmet needs. The Company’s lead product candidate is SB206, a topical antiviral gel, for the treatment of molluscum contagiosum. The Company believes that SB206 as a topical, at-home, caregiver-applied therapy with a rapid treatment benefit, if approved, would address an important patient-care need for the treatment of molluscum contagiosum.
Forward-Looking Statements
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “believe,” “expect,” “target,” “anticipate,” “may,” “plan,” “potential,” “will,” “intends” and similar expressions, and are based on the Company’s current beliefs and expectations. These forward-looking statements include, but are not limited to, statements related to the potential therapeutic value of the Company’s NITRICIL™ platform technology, the Company’s pharmaceutical development of nitric oxide-releasing product candidates, including SB206, the potential timing of an NDA submission and the ability to have greater access and visibility to institutional investors and investment managers. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the Company’s expectations, including, but not limited to, risks related to the regulatory approval process, which is lengthy, time-consuming and inherently unpredictable, including the risk that the FDA will not agree with the Company’s approach to a potential NDA submission, that the Company’s product candidates may not be approved or that additional studies may be required for approval or other delays may occur, that the Company may not have sufficient quantities of drug substance and/or drug product to support regulatory submissions and that the Company may not obtain funding sufficient to complete the regulatory or development process; the Company’s limited experience as a company in obtaining regulatory approvals and commercializing pharmaceutical products; the Company’s ability to obtain additional funding or enter into strategic or other business relationships necessary or useful for the further development or, following regulatory approval, commercialization of the Company’s product candidates; the Company’s reliance on arrangements with third parties to support its operations and development efforts and the risk that such parties will not successfully carry out their contractual duties or meet expected deadlines; any operational or other disruptions as a result of the COVID-19 pandemic; and other risks and uncertainties described in the Company’s annual report filed with the Securities and Exchange Commission on Form 10-K for the twelve months ended December 31, 2020, and in the Company’s subsequent filings with the Securities and Exchange Commission. Such forward-looking statements speak only as of the date of this press release, and Novan disclaims any intent or obligation to update these forward-looking statements to reflect events or circumstances after the date of such statements, except as may be required by law.
INVESTOR AND MEDIA CONTACT:
Jenene Thomas
JTC Team, LLC
833-475-8247
NOVN@jtcir.com
FAQ
What is the significance of Novan being added to the Russell Microcap® Index?
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