Novan (NOVN) IPO Opens Up 31%

September 21, 2016 11:34 AM EDT
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Today's IPO for Novan (NASDAQ: NOVN) opened for trading at $14.40 after pricing 4,100,000 shares of common stock at a price to the public of $11 per share, the low end of the expected $11-$13 range.

Piper Jaffray & Co. is acting as sole book-running manager for the proposed offering. JMP Securities LLC and Wedbush PacGrow are acting as co-managers.

Novan is a late-stage specialty biotechnology company focused on redefining the standard of care in dermatology through the development and commercialization of innovative therapies using the Company’s nitric oxide platform. Nitric oxide plays a vital role in the natural immune system response against microbial pathogens and is a critical regulator of inflammation. Novan’s ability to harness nitric oxide and its multiple mechanisms of action has enabled it to create a platform with the potential to generate differentiated, first-in-class product candidates.

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