Novan Announces Price of $ 40 Million Public Offering of

DURHAM, NC, June 17, 2021 (GLOBE NEWSWIRE) – Novan, Inc. (the “Company” or “Novan”) (NASDAQ: NOVN) today announced the price of the Company’s previously announced subscribed public offering (the “Offer”) of 3,636,364 common shares at a public offering price of $ 11.00 per share for gross proceeds of approximately $ 40 million, before deduction of sales rebates and commissions and other charges estimated bid payable by Novan. All of the common shares to be sold in the offer are being offered by Novan. The offer is expected to close on or around June 21, 2021, subject to customary closing conditions. In addition, Novan has granted the underwriter of the offering a 30-day option to purchase up to 545,454 shares of its common stock.

Cantor Fitzgerald & Co. acts as the sole accounting manager of the Offer. In addition, ROTH Capital Partners, LLC acted as financial advisor to the Company in connection with the Offer.

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

The offering is being made in accordance with a pre-registration statement on Form S-3 (registration number 333-236583) filed with the Securities and Exchange Commission (the “SEC”) and declared effective April 10, 2020. A preliminary prospectus supplement relating to the offering has been filed with the SEC and a final prospectus supplement and the prospectus attached to this offering will be filed with the SEC. Securities may only be offered by means of a written prospectus, including a prospectus supplement, which forms part of the actual registration statement. When available, electronic copies of the Final Prospectus Supplement and the accompanying Base Prospectus relating to the Offer may be obtained from the SEC at Alternatively, copies of the final prospectus and the accompanying base prospectus relating to the Offer may be obtained, when available, from Cantor Fitzgerald & Co., Attn: Capital Markets, 499 Park Avenue, 4e Floor, New York, New York 10022 or by email at [email protected]

This press release does not constitute an offer to sell or the solicitation of an offer to buy such securities, and there will be no sale of such securities in any State or other jurisdiction in which such an offer, solicitation or sale would be illegal prior to 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 novel macromolecular chemical entities (NCEs) to treat multiple indications in dermatology, men’s and women’s health, infectious diseases and gastroenterological diseases 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 therapy applied at home by caregivers with rapid therapeutic benefit, if approved, would meet an important patient care need for the treatment of molluscum contagiosum.

Forward-looking statements

Any statements 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. Such statements may be identified by words such as “believe “,” Expect, “” target “,” anticipate “,” can, “plan” “” potential “,” will “,” intends “and the like, and are based on beliefs and current expectations of the Company. These forward-looking statements include, without limitation, statements relating to the potential therapeutic value of the Company’s NITRICIL ™ platform technology, the Company’s pharmaceutical development of nitric oxide-releasing product candidates, statements regarding the Company’s expectations regarding the completion of the public offering, and statements regarding the intended use of the proceeds of the 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, the risks and uncertainties associated with the management processes. clinical development and regulatory approval, under market conditions and the satisfaction of customary closing conditions related to 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. These forward-looking statements speak only as of the date of this press release or of the announced presentation, as the case may be, and the Company disclaims any intention or obligation to update these forward-looking statements to reflect events or circumstances subsequent to the date of these declarations, unless required by law.

Jenene thomas
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