Novan (NOVN) Announced Proposed Offering of Common Stock

Novan, Inc. (the “Company” or “Novan”) (NASDAQ: NOVN) today announced a proposed underwritten public offering of its common stock (the “Offering”). All shares to be sold in the Offering will be sold by Novan. The Company also expects to grant to the underwriter for the Offering a 30-day option to purchase up to an additional 15 percent of the number of shares of common stock offered in the public offering. The Offering is subject to market conditions, and there can be no assurance as to whether or when the Offering may be completed, or as to the actual size or terms of the Offering.

Cantor Fitzgerald & Co. is acting as the sole book-running manager for the Offering.

Novan intends to use the net proceeds from the Offering, together with existing cash, to fund research and development program activities, including (i) preparing for and seeking regulatory approval of its product candidate SB206 as a treatment for molluscum contagiosum, (ii) planning for potential commercialization of SB206 and (iii) continuing research and development activities primarily related to its product candidate SB204 as a treatment for acne vulgaris, as well as for general corporate purposes.

The Offering is being made pursuant to a shelf registration statement on Form S-3 (Registration No. 333-236583) filed with the Securities and Exchange Commission (the “SEC”) and declared effective by the SEC on April 10, 2020. A preliminary prospectus supplement relating to the Offering will be filed with the SEC. The securities may be offered only by means of a written prospectus, including a prospectus supplement, forming a part of the effective registration statement. When available, electronic copies of the preliminary prospectus supplement and the accompanying base prospectus relating to the Offering may be obtained from the SEC at http://www.sec.gov. Alternatively, copies of the preliminary prospectus and the accompanying base prospectus relating to the Offering can be obtained, when available, from Cantor Fitzgerald & Co., Attn: Capital Markets, 499 Park Avenue, 4th Floor, New York, New York 10022 or by email at [email protected].

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

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