MORRISVILLE, N.C., March 03, 2020 (GLOBE NEWSWIRE) -- Novan, Inc. (NASDAQ:NOVN) today announced the closing of the Company’s previously announced underwritten public offering of 18,333,334 shares of common stock (or pre-funded warrants to purchase common stock in lieu thereof) and warrants to purchase an aggregate of up to 18,333,334 shares of common stock, at a combined effective public offering price of $0.30 per share of common stock (or pre-funded warrant) and accompanying common warrant. The common warrants have an exercise price of $0.30 per share, are exercisable immediately and expire five years from the date of issuance. The Company also granted the underwriter a 30-day option to purchase up to an additional 2,750,000 shares of common stock and/or warrants to purchase 2,750,000 shares of common stock, which the underwriter partially exercised on March 2, 2020 to purchase 1,498,602 shares of common stock and common warrants to purchase up to 2,750,000 shares of common stock.

H.C. Wainwright & Co. acted as the sole book-running manager for the offering.

About Novan

Novan, Inc. is a clinical development-stage biotechnology company focused on leveraging nitric oxide’s naturally occurring anti-microbial and immunomodulatory mechanisms of action to treat a range of diseases with significant unmet needs. We believe that our ability to deploy nitric oxide in a solid form, on demand and in localized formulations allows us the potential to improve patient outcomes in a variety of dermatology, women’s health and gastrointestinal diseases.