Novan Prices Public Offering To Raise $40 Million
Novan, Inc. (NASDAQ: NOVN) announced today the details of its previously announced underwritten public offering. The company is now looking to raise aggregate proceeds of $40 million.
In connection to the offering, the firm pegged the offering price at $11.00 per share for the 3,636,364 shares of common stock being offered to the public. Novan has also given the underwriter the option to purchase up to 545,454 additional common shares within 30 days from the closing of the transaction.
The transaction is expected to close on June 21, 2021, subject to customary closing and regulatory approvals.
The company relayed that it intends to use the proceeds plus its cash balance to fund research and development program activities, including securing regulatory approval for its SB206 molluscum contagiosum treatment product, its commercialization plans, and research and development activities on SB204 as an acne vulgaris treatment product, as well as for general corporate purposes.
Novan, Inc. last traded at $13.85 on the NASDAQ.
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