Novan Therapeutics, a Durham, North Carolina-based clinical-stage biotechnology company focused on advancing innovation in dermatology via nitric oxide therapies, secured $50m in financing.
The round was led by new investor Malin Corporation Plc. (ISEQ: MLC) with participation from existing investors throughout the Research Triangle area of North Carolina. In conjunction with the financing, Malin Corporation’s G. Kelly Martin and Sean Murphy, joined Novan’s Board of Directors, along with W. Kent Geer, a retired audit partner from Ernst & Young, LLP.
The funds will support the company’s efforts to create nitric oxide-based healthcare solutions in a number of large market indications. It plans to launch the clinical development of SB206, a topical anti-viral that could lead to a treatment for human papillomavirus (HPV) infections.
Led by Nathan Stasko, PhD, co-founder and President, Novan is also advancing SB204, an investigational drug product in late-stage development as a new treatment for acne vulgaris.