NOVN - NOVN STOCK NEWS

Novan, Inc. (NASDAQ:NOVN) has successfully closed its underwritten public offering, selling 3,636,364 shares at $11.00 each, generating approximately $40 million in gross proceeds. The offering's underwriter received an option for an additional 545,454 shares. Proceeds will support R&D activities, including regulatory preparation for SB206 to treat molluscum contagiosum and further development of SB204 for acne vulgaris. The offering was conducted under an SEC-approved shelf registration.

Novan, Inc. announced the pricing of an underwritten public offering of 3,636,364 shares of common stock at $11.00 per share, aiming to raise approximately $40 million before costs. Closing is expected on June 21, 2021. The proceeds will support the R&D of SB206 for molluscum contagiosum and SB204 for acne vulgaris. Cantor Fitzgerald & Co. is the book-running manager. The offering is registered under SEC Form S-3, with a 30-day option for underwriters to acquire an additional 545,454 shares.

On June 16, 2021, Novan (NASDAQ: NOVN) announced a proposed underwritten public offering of its common stock, with all shares sold by the company. Cantor Fitzgerald & Co. will manage the offering, which includes a 30-day option for underwriters to purchase up to an additional 15% of the shares. Proceeds will support research and development activities for its product candidates SB206 (for molluscum contagiosum) and SB204 (for acne vulgaris), along with general corporate purposes. The offering is subject to market conditions and regulatory approvals.

Novan announced positive results from the B-SIMPLE4 pivotal Phase 3 study for its antiviral gel, SB206, used to treat molluscum contagiosum. The study achieved statistical significance with a p-value of less than 0.0001 for the primary endpoint of complete clearance of lesions at Week 12. SB206 was well tolerated, with no serious adverse events reported. The company plans to submit a New Drug Application by Q3 2022, which could meet a significant patient-care need, considering that there are currently no FDA-approved treatments for this condition.

Novan, Inc. (NASDAQ: NOVN) announced promising preclinical results for berdazimer sodium as a potential treatment for SARS-CoV-2 infection. The studies demonstrated a statistically significant reduction in virus levels in the lungs, achieving over 99.99% reduction with doses as low as 2 mg/mL. The treatment was well-tolerated in animal studies. Following these results, Novan plans to engage with the FDA for expedited development of this intranasal therapeutic.

Novan, Inc. (Nasdaq: NOVN) announced positive in vitro and in vivo results for NVN4100, exploring its potential as a topical antimicrobial for companion animals. Independent studies showed NVN4100's effectiveness against various pathogens, including resistant strains, and established a canine pyoderma model for further evaluations. The company aims to build a robust data package to engage strategic partners, highlighting its NITRICIL™ technology's promise in animal health. Future studies and formulation evaluations are planned as Novan develops this new chemical entity.

Novan, Inc. (Nasdaq: NOVN) announced a one-for-ten reverse stock split effective May 25, 2021, with trading on a split-adjusted basis beginning May 26, 2021. The reverse split was approved by stockholders at the 2020 Annual Meeting, intended to optimize financing options and maintain compliance with Nasdaq's minimum bid price requirement. Each ten shares will convert into one share, adjusting options and other equity plans accordingly. The company is also awaiting topline results from its pivotal Phase 3 study of SB206, a treatment for molluscum contagiosum, by the end of Q2 2021.

Novan reported its Q1 2021 results, with a cash balance of $32.7 million, expected to fund operations into Q1 2022. The pivotal Phase 3 B-SIMPLE4 study for SB206 against molluscum is on track for topline efficacy results by June 2021. Novan is also advancing its SB019 program for COVID-19 and NVN4100 for animal health, both with expected data readouts in Q2 2021. However, the company posted a net loss of $9 million, up from $6.2 million in Q1 2020, and revenue from licenses fell to $0.7 million from $1.0 million.

Novan, Inc. (NASDAQ: NOVN) announced the completion of the last patient visit in the pivotal Phase 3 B-SIMPLE4 study of SB206, a topical antiviral gel for treating molluscum contagiosum. Topline efficacy and safety results are expected by the end of Q2 2021, with a potential NDA filing targeted by Q3 2022. The study enrolled 891 patients across 55 sites, exceeding enrollment goals. Currently, there are no FDA-approved treatments for molluscum, highlighting the unmet medical need.