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Novan registers $60 million of common stock for initial public sale
Piper Jaffray is bookrunner; JMP Securities, Wedbush PacGrow assist
By Devika Patel
Knoxville, Tenn., Aug. 24 – Novan, Inc. will price its initial public offering of common stock with a 30-day greenshoe, according to an S-1 filed Wednesday with the Securities and Exchange Commission. The company has registered up to $60 million of stock for the deal.
Piper Jaffray & Co. is the bookrunner and JMP Securities LLC and Wedbush PacGrow are the co-managers.
Proceeds will be used for development of SB204, for platform expansion with phase 2 trials for SB206 and SB208, for research and development, for working capital and for general corporate purposes.
The pharmaceutical company is based in Durham, N.C. The company intends to list its common stock on the Nasdaq under the symbol “NOVN.”
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