DURHAM, N.C., March 16, 2023 (GLOBE NEWSWIRE) -- Novan, Inc. (“the Company” or “Novan”) (Nasdaq: NOVN), today announced the closing of the issuance and sale in the Company’s previously announced registered direct offering of an aggregate of (i) 5,042,017 shares of its common stock (or pre-funded warrants to purchase common stock in lieu thereof) and (ii) warrants (the “Common Warrants”) to purchase up to 5,042,017 shares of common stock, at an effective combined purchase price of $1.19 per share (or pre-funded warrant) and associated Common Warrant. The Common Warrants will become exercisable six months from the date of issuance at an exercise price of $1.20 per share and will expire five years following the initial exercise date.

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Novan Announces Closing of $6.0 Million Registered Direct Offering