2023-03-14 08:48:24 ET
- Novan ( NASDAQ: NOVN ) has entered into definitive agreements for the issuance and sale in a registered direct offering of an aggregate of 5.04M shares and warrants to purchase up to 5.04M shares at an effective combined purchase price of $1.19/share .
- The Common Warrants will become exercisable six months from the date of issuance at an exercise price of $1.20/share and will expire five years following the initial exercise date.
- The gross proceeds to Novan from this offering are expected to be ~$6M.
- Novan intends to use the net proceeds to fund its berdazimer gel, 10.3% (SB206) development program activities, support sales and marketing efforts for the Company’s marketed products and for general working capital purposes and other operating expenses.
- The offering is expected to close on or about March 16, 2023.
For further details see:
Novan sells 5.04M shares at $1.19 in registered direct offering