Novan (NOVN) Prices 18.33M Share Common Offering at $0.30/Sh

Novan, Inc. (NASDAQ: NOVN) today announced the pricing 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 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.

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

The Company has granted the underwriter a 30-day option to purchase up to an additional 2,750,000 shares of common stock and/or common warrants to purchase up to 2,750,000 shares of common stock at the public offering price, less underwriting discounts and commissions.

The gross proceeds from this offering to Novan are expected to be approximately $5.5 million, before deducting underwriting discounts and commissions and other estimated offering expenses payable by Novan, and excluding the exercise of any warrants. Novan intends to use the net proceeds from the offering to fund its research and development programs and for general working capital purposes and other operating expenses. The offering is expected to close on or about March 3, 2020, subject to customary closing conditions.

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