Durham, North Carolina-based Novan Inc, a pharmaceutical company focused on using nitric oxide therapies in dermatology, has priced 4.1 million shares of its IPO at $11 per share. The stock began trading on the NASDAQ under the ticker symbol “NOVN” on September 21, 2016. Piper Jaffray & Co is serving as the lead underwriter. Novan’s backers included Malin Corp.
DURHAM, N.C., Sept. 20, 2016 /PRNewswire/ — Novan, Inc. (the “Company” or “Novan”) today announced the pricing of the Company’s initial public offering of 4,100,000 shares of common stock at a price to the public of $11.00 per share. The common stock of Novan has been approved for listing on the NASDAQ Global Market and is expected to begin trading under the ticker symbol “NOVN” on Sept. 21, 2016. All of the common stock is being offered by Novan. The Company has also granted the underwriters a 30-day option to purchase from the Company an additional 615,000 shares of common stock at the initial public offering price, less the underwriting discount. The offering is expected to close on Sept. 26, 2016, subject to customary closing conditions.
Piper Jaffray & Co. is acting as sole book-running manager for the proposed offering. JMP Securities LLC and Wedbush PacGrow are acting as co-managers.
A registration statement relating to the shares was filed with the Securities and Exchange Commission and became effective on Sept. 20, 2016. The offering will be made only by means of a prospectus. Copies of the prospectus may be obtained from Piper Jaffray & Co., by mail at Attention: Prospectus Department, 800 Nicollet Mall, J12S03, Minneapolis, MN 55402, by telephone at (800) 747-3924 or by email at email@example.com.
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.
Novan, Inc. is a late-stage pharmaceutical company focused on redefining the standard of care in dermatology through the development and commercialization of innovative therapies using the Company’s nitric oxide platform. Nitric oxide plays a vital role in the natural immune system response against microbial pathogens and is a critical regulator of inflammation. Our ability to harness nitric oxide and its multiple mechanisms of action has enabled us to create a platform with the potential to generate differentiated, first-in-class product candidates. We are rapidly advancing programs in five dermatological conditions with significant unmet medical need. We believe that our ability to conveniently deploy nitric oxide on demand in topical formulations allows us the potential to significantly improve patient outcomes in a variety of skin diseases and positions us to be a commercially successful leader in the dermatology market.