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Novan, Inc. is a clinical-stage biotechnology company pioneering the use of nitric oxide’s natural antiviral and immunomodulatory properties to develop treatments for dermatological and oncovirus-mediated diseases. By harnessing the unique potential of nitric oxide in a solid form that can be conveniently deployed on demand in localized formulations, Novan aims to significantly enhance patient outcomes in various disease areas.
Novan's innovative approach allows it to address unmet medical needs by focusing on dermatological conditions and oncovirus-mediated diseases. The company's pipeline includes therapeutic candidates designed to treat conditions such as acne, psoriasis, and antiviral applications.
Recently, Novan announced the sale of substantially all its assets for $15 million in cash, subject to approval by the Bankruptcy Court. This transaction will include the repayment of the DIP credit facility, with the remaining cash paid at closing. The sale process is governed by the APA and includes procedures for higher or better offers, ensuring compliance with court-approved bidding procedures.
Novan's strategic partnerships and collaborations with leading pharmaceutical companies reflect its commitment to advancing its clinical programs and expanding its therapeutic portfolio. Despite financial challenges, Novan continues to pursue its mission of improving patient care through groundbreaking biotechnological innovations.
Novan, Inc. (NASDAQ: NOVN) announced positive results from the B-SIMPLE 4 Phase 3 clinical study of berdazimer gel, 10.3%, aimed at treating molluscum contagiosum. This pivotal trial, published in JAMA Dermatology, involved 891 patients and demonstrated significant efficacy with 32.4% achieving complete lesion clearance versus 19.7% in the control group. The gel showed favorable safety profiles, primarily mild side effects. If approved, it could become the first FDA-approved treatment for this viral skin infection, which affects 6 million people annually, particularly children.
Novan, Inc. (NASDAQ: NOVN) announced the successful closing of a registered direct offering, raising approximately $15.0 million. The offering included 2,080,696 shares of common stock, warrants for the same amount, and pre-funded warrants for an additional 3,180,615 shares. The funds will support R&D for SB206, intended for molluscum contagiosum treatment, and general corporate purposes. The shares sold at $2.851 each, with pre-funded warrants priced at $2.841. Oppenheimer & Co. acted as the placement agent for this offering.
Novan, Inc. (NASDAQ: NOVN) announced a definitive agreement for a registered direct offering to an institutional investor. The transaction involves the sale of 2,080,696 shares of common stock and accompanying warrants, along with pre-funded warrants for an additional 3,180,615 shares, aiming for approximately $15 million in gross proceeds. The funds will support R&D for its candidate SB206, aimed at molluscum contagiosum, and bolster sales and marketing efforts. The closing is expected on or about June 13, 2022, pending customary conditions.
Novan announced progress on its berdazimer gel, 10.3%, for treating molluscum contagiosum, based on the B-SIMPLE4 Phase 3 clinical study. This gel can potentially shorten the infection's duration and enhance clearance chances, addressing a significant unmet need as there are no FDA-approved therapies for molluscum. Novan aims to submit a New Drug Application (NDA) by the end of 2022, following positive topline results showing a statistically significant rate of complete lesion clearance. If approved, this could provide an effective treatment option for the 6 million people affected in the U.S. annually.
Novan, Inc. reported a transformative first quarter for 2022, highlighted by the acquisition of EPI Health, enhancing their medical dermatology capabilities. Total prescriptions for Rhofade surged by 47% compared to Q1 2021. Novan recorded total revenue of $1.9 million, up from $0.8 million a year prior, though net loss grew to $13.4 million from $9.0 million. The company aims to submit its first New Drug Application for berdazimer gel (SB206) by Q4 2022, addressing an unmet need in molluscum contagiosum treatment. Novan holds $35.5 million in cash, ensuring operational liquidity into Q4 2022.
Novan, Inc. (Nasdaq: NOVN) will report its first quarter 2022 financial results on May 16, 2022. A conference call will be hosted by President and CEO Paula Brown Stafford at 8:30 a.m. ET to discuss these results. The call can be accessed by dialing (844) 707-0661 for domestic or (703) 318-2240 for international participants, using conference ID: 4094919. Novan is focused on developing innovative therapeutic products for skin diseases, including the treatment of viral skin infections with its lead candidate, SB206.
Novan, Inc. (Nasdaq: NOVN) announces its participation in the Virtual Investor Innovation in Dermatology Spotlight event on April 26, 2022, at 2:00 PM ET. CEO Paula Brown Stafford and COO John A. Donofrio will discuss Novan's newly acquired portfolio of dermatology products and its proprietary technology platform, NITRICIL™, which develops innovative treatments for skin conditions. Following the acquisition of EPI Health, Novan enhances its offerings in addressing psoriasis, rosacea, and acne. A live webcast will be available on the company's website.
Novan (Nasdaq: NOVN) announced that its pivotal Phase 3 study data of berdazimer gel 10.3% for molluscum contagiosum will be presented orally at the American Academy of Dermatology’s 2022 Annual Meeting on March 26, 2022. This presentation, led by Dr. John Browning, highlights the compelling data from the B-SIMPLE4 study. The company aims to provide a prescription treatment option for this highly contagious viral skin condition, which currently lacks FDA-approved treatments. If approved, berdazimer gel could offer a safe and effective solution for affected patients.
DURHAM, N.C., March 14, 2022 (GLOBE NEWSWIRE) -- Novan, Inc. (Nasdaq: NOVN) announced that CEO Paula Brown Stafford will present at two investor conferences. The 34th Annual Roth Conference will feature a fireside chat on March 14, 2022, at 3:30 PM ET. The Oppenheimer 32nd Annual Healthcare Conference will have a virtual presentation on March 16, 2022, at 1:20 PM ET. A webcast for both events will be available on Novan's website for 90 days post-event. Novan specializes in dermatology, focusing on innovative therapies for skin diseases.
Evening Post Group has successfully sold EPI Health, a dermatology-focused pharmaceutical company, to Novan, Inc (NASDAQ: NOVN) for a closing price of $27.5M. This includes $11M in cash and a $16.5M seller note due in 24 months. The acquisition could rise to a total of $50M based on performance earnouts and product milestones. Novan aims to integrate EPI Health's portfolio with its innovative pipeline to enhance dermatological treatments, leveraging EPI Health's established sales force of approximately 40 employees nationwide.
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