Novan Strengthens Financial Leadership with Appointments of Chief Financial Officer and Seasoned Industry Executive to Board ...
September 24 2020 - 7:05AM
Novan, Inc. (“the Company” or “Novan”) (Nasdaq: NOVN), today
announced the appointment of John M. Gay to serve as the Company’s
Chief Financial Officer and the appointment of James L. Bierman to
its Board of Directors.
Mr. Gay is an accomplished finance and
accounting executive with 20 years of professional experience and a
demonstrated track record of strategic financial planning and
analysis, accessing capital markets and public company technical
and regulatory reporting over the course of his career. Mr. Gay
joined Novan in May 2018 and has most recently served as Vice
President, Finance and Corporate Controller, in addition to
Principal Financial Officer and Corporate Secretary for the
Company.
“John has established himself as a key member of
the team since joining Novan and is now perfectly suited to take on
the role of Chief Financial Officer. He has proven himself to be a
financial leader and is responsible for executing the Company’s
financial strategy, which has provided us with sufficient capital
to advance SB206 through the B-SIMPLE4 pivotal Phase 3 study in
molluscum, a potentially transformational catalyst for the Company,
through to data targeted for Q2 2021,” commented Paula Brown
Stafford, Chairman and Chief Executive Officer of Novan.
Mr. Bierman is a seasoned executive and brings
extensive strategic financial expertise, including financial and
operational strategies, mergers and acquisitions, strategic
alliances, enterprise risk management and investor relations to
Novan’s Board of Directors.
“We are thrilled to welcome Mr. Bierman to our
Board of Directors. He is a proven industry leader with key
executive experience amassed over the course of his career
including having served as the CEO, COO and CFO of Owens &
Minor, Inc., a FORTUNE 500 company. His strategic expertise will be
an integral asset and bring a new perspective to our Board. With
these two key appointments, I believe our financial leadership has
never been stronger and believe we continue to make tremendous
progress towards Novan’s next phase of growth,” continued Ms.
Stafford.
Mr. Bierman is an experienced independent
director who has mentored and assisted in the professional
development of both financial executives and senior members of
management over the course of his career. In addition to his
executive leadership experience, including serving as President and
Chief Executive Officer of Owens & Minor, Inc. (NYSE: OMI), as
well as Executive Vice President and Chief Financial Officer of
Quintiles Transnational Corporation (formerly Nasdaq: QTRN), he has
also served on multiple public company boards, including currently
serving as a member of the Board of Directors of Tenet Healthcare
Corporation (NYSE: THC), a FORTUNE 500 company, and MiMedx Group,
Inc. (Nasdaq OTC: MDXG).
About Novan
Novan, Inc. is a clinical development-stage
biotechnology company focused on leveraging its proprietary nitric
oxide (NO) based technology platform, NITRICIL™ to generate
macromolecular New Chemical Entities (NCEs) to treat multiple
indications in dermatology, men’s and women’s health, infectious
diseases and gastroenterology conditions with significant unmet
needs. The Company’s lead product candidate, SB206, a topical
antiviral gel, for the treatment of molluscum contagiosum, is
currently being evaluated in the B-SIMPLE4 pivotal Phase 3 clinical
study. The Company believes that SB206 as a topical, at-home,
caregiver-applied therapy with a rapid treatment benefit, if
approved, would address an important patient-care need for the
treatment of molluscum.
Forward-Looking Statements
This press release contains forward-looking
statements including, but not limited to, statements related to
pharmaceutical development of nitric oxide-releasing product
candidates and our intention to advance development of certain
product candidates and the timing of reporting findings or results
from our programs currently in process. Forward-looking statements
are subject to a number of risks and uncertainties that could cause
actual results to differ materially from our expectations,
including, but not limited to, risks and uncertainties in the
clinical development process, including, among others, length,
expense, ability to enroll patients, reliance on third parties,
potential for delays or other impacts, whether as a result of the
COVID-19 pandemic or other factors, and that results of earlier
research and preclinical or clinical trials may not be predictive
of results, conclusions or interpretations of later research
activities or additional trials; risks related to the regulatory
approval process, which is lengthy, time-consuming and inherently
unpredictable, including the risk that our product candidates may
not be approved or that additional studies may be required for
approval or other delays may occur and that we may not obtain
funding sufficient to complete the regulatory or development
process; our ability to retain key personnel; our ability to obtain
additional funding or enter into strategic or other business
relationships necessary or useful for the further development of
our product candidates; any operational or other disruptions as a
result of the COVID-19 pandemic, including any delays or
disruptions to the enrollment in and conduct of the B-SIMPLE4 Phase
3 trial; and other risks and uncertainties described in our annual
report filed with the SEC on Form 10-K for the twelve months ended
December 31, 2019, as amended, and in our subsequent filings with
the SEC. These forward-looking statements speak only as of the date
of this press release, and Novan disclaims any intent or obligation
to update these forward-looking statements to reflect events or
circumstances after the date of such statements, except as may be
required by law.
INVESTOR AND MEDIA
CONTACT:
Jenene Thomas JTC Team,
LLC833-475-8247NOVN@jtcir.com
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