Novan to price IPO of 3.75 million shares between $11.00 and $13.00

Piper Jaffray is bookrunner; JMP Securities, Wedbush PacGrow assist

By Devika Patel

Knoxville, Tenn., Sept. 8 – Novan, Inc. will sell 3.75 million common shares in its initial public offering with a 30-day greenshoe of 562,500 additional shares, according to a form S-1/A filed Thursday with the Securities and Exchange Commission. The company had previously registered up to $60 million of stock for the deal, which was announced on Aug. 24.

The shares will be sold at a price expected to fall between $11.00 and $13.00 per share.

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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