Novan Announces Proposed Public Offering of Common Stock

DURHAM, N.C., June 16, 2021 (GLOBE NEWSWIRE) — Novan, Inc. (the “Company” or “Novan”) (NASDAQ: NOVN) today announced a proposed underwritten public offering of its common stock (the “Offering”). All shares to be sold in the Offering will be sold by Novan. The Company also expects to grant to the underwriter for the Offering a 30-day option to purchase up to an additional 15 percent of the number of shares of common stock offered in the public offering. The Offering is subject to market conditions, and there can be no assurance as to whether or when the Offering may be completed, or as to the actual size or terms of the Offering.

Cantor Fitzgerald & Co. is acting as the sole book-running manager for the Offering.

Novan intends to use the net proceeds from the Offering, together with existing cash, to fund research and development program activities, including (i) preparing for and seeking regulatory approval of its product candidate SB206 as a treatment for molluscum contagiosum, (ii) planning for potential commercialization of SB206 and (iii) continuing research and development activities primarily related to its product candidate SB204 as a treatment for acne vulgaris, as well as for general corporate purposes.

The Offering is being made pursuant to a shelf registration statement on Form S-3 (Registration No. 333-236583) filed with the Securities and Exchange Commission (the “SEC”) and declared effective by the SEC on April 10, 2020. A preliminary prospectus supplement relating to the Offering will be filed with the SEC. The securities may be offered only by means of a written prospectus, including a prospectus supplement, forming a part of the effective registration statement. When available, electronic copies of the preliminary prospectus supplement and the accompanying base prospectus relating to the Offering may be obtained from the SEC at Alternatively, copies of the preliminary prospectus and the accompanying base prospectus relating to the Offering can be obtained, when available, from Cantor Fitzgerald & Co., Attn: Capital Markets, 499 Park Avenue, 4th Floor, New York, New York 10022 or by email at

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 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, the Company’s intention to offer and sell securities in a public offering, statements regarding the Company’s expectations as to the completion and timing of the proposed public offering, and statements regarding the anticipated use of proceeds from the proposed public 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, but not limited to, risks and uncertainties associated with the clinical development and regulatory approval processes, market conditions and the satisfaction of customary closing conditions related to the proposed public offering, risks and uncertainties as to the final terms of the proposed public offering, as well as other risks and uncertainties described in the Company’s annual report filed with the SEC on Form 10-K for the twelve months ended December 31, 2020, and in the Company’s subsequent filings with the SEC. Such forward-looking statements speak only as of the date of this press release or the announced presentation, as applicable, 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.

Jenene Thomas

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