• Novan Inc (NASDAQ: NOVN) priced its previously announced public offering of 3.6 million shares at $11/share for gross proceeds of approximately $40 million.

  • The offer price represents a 21% discount on the last close price of $13.85 on Wednesday. The offering will close by June 21.

  • Underwriters have an option to purchase up to 545k additional shares.

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

  • Novan intends to use the net proceeds to fund the R&D of SB206, as well as for general corporate purposes.

  • Last week, the company announced positive topline efficacy and safety results from the Phase 3 trial of SB206 for molluscum contagiosum.

  • Price Action: NOVN shares are down 20.9% at $10.96 during the market session on the last check Thursday.

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