2023-03-14 08:06:11 ET
- Novan ( NASDAQ: NOVN ) entered into definitive agreements for the issuance and sale in a registered direct offering of 5.04M shares and warrants at an effective combined purchase price of $1.19/share and associated common warrant.
- Warrants will become exercisable six months from the issuance date at an exercise price of $1.20/share and will expire five years following the initial exercise date.
- Gross proceeds are expected to be ~$6M; net proceeds to be used for funding 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.
- Offer is expected to close on or about Mar.16, 2023.
For further details see:
Novan to raise $6M in stock offering