Dermatology biotech Novan goes for $60M IPO

The late-stage skin condition biotech Novan is looking to batter ongoing headwinds and gun for a $60 million public offering. 

The Durham, NC-based company, which is around a decade old, is working on nitric oxide based therapies for dermatologic indications, including acne.

According to its SEC-1 filing, the company plans to list on the Nasdaq under the symbol $NOVN.

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Nitric oxide plays a vital role in the immune system response against microbial pathogens and helps regulate inflammation.

Novan is working on a pipeline of meds that are designed to harness nitric oxide and its multiple mechanisms of action, and is the underlying tech behind its Nitricil platform. The idea is to use this platform to convert a useful, naturally occurring molecule into a therapeutic pipeline for a host of skin diseases.

The biotech is pushing on with programs in five dermatological conditions, with its lead candidate, SB204, a topical gel that targets multiple mechanisms of action for the treatment of acne vulgaris--the most common skin disease in the U.S.

Two pivotal Phase III tests started in Q1 for the med, and Novan said in its SEC filing that it expects to report top-line results from these studies at the start of next year. An NDA for SB204 should, all things going well, be on the cards by year-end 2017.

Other pipeline candidates include midstage meds SB206, SB208 and preclinical treatment SB414, which are targeted toward the treatment of either a specific microorganism or inflammatory components of a disease pathology.

SB206 is a first-in-class, topical anti-viral gel aimed at viral skin infections, such as external genital and perianal warts caused by human papillomavirus. SB208 is a topical broad-spectrum anti-fungal product candidate for the treatment of fungal infections of the skin and nails. SB414, a topical cream, is being looked at as a treatment of inflammatory skin diseases such as psoriasis and atopic dermatitis.

Malin Life Sciences Holdings is currently the company’s its largest stockholder.

- check out the SEC-1 filing

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