Markets

Novan, a micro-cap biotech, sets terms for $45 million IPO

Novan, a late-stage biotech developing nitric oxide therapies for acne and other skin conditions, announced terms for its IPO on Thursday.

The Durham, NC-based company plans to raise $45 million by offering 3.75 million shares at a price range of $11 to $13. At the midpoint of the proposed range, Novan would command a fully diluted market value of $181 million.

Novan was founded in 2006 and plans to list on the Nasdaq under the symbol NOVN. Piper Jaffray is the sole bookrunner on the deal. It is expected to price during the week of September 19, 2016.

The article Novan, a micro-cap biotech, sets terms for $45 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital, the Renaissance IPO ETF (symbol: IPO) or the Global IPO Fund (symbol: IPOSX) , may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

NOVN

Other Topics

IPOs