Bob Ingram, chairman of Novan Inc., a Morrisville-based company that specializes in nitric-oxide based therapies for skin conditions, purchased $142,000 in company stock, according to a filing with the Securities and Exchange Commission.
Ingram purchased 50,000 shares of company stock valued at $2.84 on Sept. 28.
Following the transaction, Ingram owns 119,777 shares.
Novan CEO Martin Kelly also recently purchased stock. On Sept. 26, he bought 10,000 shares at $2.73 for a total value of $27,300.
Ingram has sat on the board since 2011 and was named chairman in February 2016.
He is a general partner of Hatteras Venture Partners, a venture capital firm that invests in early stage life science companies. Prior to Hatteras Venture Partners, he was the chief executive officer and chairman of GlaxoWellcome and co-led the merger and integration that formed GlaxoSmithKline.
He has also served as lead director of Valiant Pharmaceuticals International, chairman of Viamet Pharmaceuticals Inc., director of BioCryst Pharmaceuticals Inc. and lead director of Cree Inc.
He serves on the board of the Research Triangle Foundation of North Carolina, the Research Triangle Institute and is the chairman of the GlaxoSmithKline foundation.
Ingram is a well-known figure in the pharmaceutical industry, both locally and nationally. He was appointed in 2006 by President George W. Bush to the National Institutes of Health, National Cancer Advisory Board. At the request of Bush, he formed and chaired the CEO Roundtable on Cancer.
In 2014, he received the North Carolina Award for his public service. The award is the highest civilian honor the state can bestow on an individual.
Novan is clinical-stage biotechnology company focused on using nitric oxide to treat dermatological and oncovirus-mediated diseases like acne, psoriasis and other skin conditions.
Since Novan’s initial public offering in September 2016, the company has failed to meet investor’s expectations, instead facing a series of problems with clinical trials and falling stock prices.
Novan closed at $2.82 on Monday, up 3 cents.
