Novan Announces Closing of $6.0 Million Registered Direct Offering
16 Marzo 2023 - 2:15PM
Novan, Inc. (“the Company” or “Novan”) (Nasdaq: NOVN), today
announced the closing of the issuance and sale in the Company’s
previously announced registered direct offering of an aggregate of
(i) 5,042,017 shares of its common stock (or pre-funded warrants to
purchase common stock in lieu thereof) and (ii) warrants (the
“Common Warrants”) to purchase up to 5,042,017 shares of common
stock, at an effective combined purchase price of $1.19 per share
(or pre-funded warrant) and associated Common Warrant. The Common
Warrants will become exercisable six months from the date of
issuance at an exercise price of $1.20 per share and will expire
five years following the initial exercise date.
H.C. Wainwright & Co. acted as the exclusive
placement agent for the offering.
The gross proceeds to Novan from this offering
are approximately $6.0 million, before deducting the placement
agent’s fees and other offering expenses payable by Novan. Novan
intends to use the net proceeds from the offering to fund its
berdazimer gel, 10.3% (SB206) development program activities,
support sales and marketing efforts for the Company’s marketed
products and for general working capital purposes and other
operating expenses.
The securities described above were offered by
Novan pursuant to a shelf registration statement (Registration No.
333-262865) originally filed by Novan with the Securities and
Exchange Commission (“SEC”) on February 18, 2022 and that became
effective on February 25, 2022. The offering was made only by means
of a prospectus supplement and accompanying prospectus that forms a
part of the registration statement. A prospectus supplement and
accompanying prospectus relating to the registered direct offering
were filed with the SEC and may be obtained for free on the SEC’s
website located at http://www.sec.gov. Electronic copies of the
final prospectus supplement and accompanying prospectus relating to
the offering may be obtained by contacting H.C. Wainwright &
Co., LLC, 430 Park Avenue, 3rd Floor, New York, NY 10022, or by
telephone at (212) 856-5711, or by email to
placements@hcwco.com.
As previously disclosed, in connection with the
closing, the Company amended certain existing warrants to purchase
up to an aggregate of 5,261,311 shares of common stock at an
exercise price of $2.851 per share and an expiration date of June
13, 2027, such that the amended warrants have a reduced exercise
price of $1.20 per share, will become exercisable six months after
the closing of the offering and, after such date, are exercisable
until December 13, 2027.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy these securities,
nor shall there be any sale of these securities in any state or
other jurisdiction in which such offer, solicitation or sale would
be unlawful prior to the registration or qualification under the
securities laws of any such state or other jurisdiction.
About Novan
Novan, Inc. is a medical dermatology company
primarily focused on researching, developing, and commercializing
innovative therapeutic products for skin diseases. Our goal is to
deliver safe and efficacious therapies to patients, including
developing product candidates where there are unmet medical needs.
Novan has a robust commercial infrastructure across sales,
marketing, and communications, as well as fully dedicated market
access and pharmacy relation teams, promoting products for plaque
psoriasis, rosacea and acne. The U.S. Food and Drug Administration
(“FDA”) accepted for filing Novan’s New Drug Application (“NDA”)
seeking approval for berdazimer gel, 10.3% (SB206) for the
treatment of molluscum contagiosum. The Company also has a pipeline
of potential product candidates using its proprietary nitric
oxide-based technology platform, NITRICIL™, to generate new
treatments for multiple indications.
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,” “look forward to”
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 relating to statements regarding
the anticipated use of proceeds from the offering. 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 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,
2021, 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 the Company 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 ThomasJTC
Team, LLC833-475-8247NOVN@jtcir.com
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