Novan Receives Approval to Transfer to Nasdaq Capital Market
November 04 2020 - 7:30AM
Novan, Inc. (“the Company” or “Novan”) (Nasdaq: NOVN), today
announced that on November 3, 2020, the Listing Qualifications
department of The Nasdaq Stock Market LLC (“Nasdaq”)
approved the Company's request to transfer its listing to The
Nasdaq Capital Market from The Nasdaq Global Market. The transfer
is expected to take effect on the start of trading
on Thursday, November 5, 2020.
The approval was, in part, based upon the Company meeting the
applicable market value of publicly held shares requirement for
continued listing and all other applicable requirements for initial
listing on the Nasdaq Capital Market (except for the minimum bid
price requirement), the Company’s written notice of its intention
to cure the minimum bid price deficiency by effecting a reverse
stock split, if necessary, its agreement to the conditions outlined
in the Nasdaq Listing Agreement, and additional supporting
information provided in the Company’s application.
The transfer of the Company's listing to The Nasdaq Capital
Market is not expected to have any impact on trading in the
Company's shares. The Company's shares will continue to trade
uninterrupted under the symbol “NOVN.” The Nasdaq Capital Market is
a continuous trading market that operates in substantially the same
manner as The Nasdaq Global Market, and listed companies must meet
certain financial and corporate governance requirements to qualify
for continued listing.
On transfer to The Nasdaq Capital Market, Nasdaq granted the
Company its second grace period of 180 calendar days, or
until May 3, 2021, to regain compliance with the minimum
bid price requirement for continued listing. To regain compliance,
the closing bid price of the Company’s common stock must meet or
exceed $1.00 per share for a minimum of 10 consecutive business
days prior to May 3, 2021.
The Company intends to continue to actively monitor the minimum
bid price requirement and, as appropriate, will consider available
options to resolve any deficiencies and regain compliance.
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
Any statements contained in this press release that do not
describe historical facts may constitute forward-looking statements
as that term is defined in the Private Securities Litigation Reform
Act of 1995. These statements may be identified by words such as
“believe,” “expect,” “may,” “plan,” “potential,” “will,” and
similar expressions, and are based on the Company’s current beliefs
and expectations. These forward-looking statements include, but are
not limited to, statements related to the potential therapeutic
value of the Company’s NITRICIL™ platform technology and the
Company’s plans to regain compliance with the Nasdaq listing
standards. Forward-looking statements are subject to a number of
risks and uncertainties that could cause actual results to differ
materially from the Company’s expectations, including, but not
limited to, risks and uncertainties in the Company’s ongoing or
future product development activities and preclinical studies,
which may not prove successful in demonstrating proof-of concept,
or may show adverse toxicological findings, and even if successful
may not necessarily predict that subsequent clinical trials will
show the requisite safety and efficacy of the Company’s product
candidates; the Company’s ability to enter arrangements with third
parties to support its development efforts on terms that are
acceptable to the Company or at all; 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 the Company’s product
candidates may not be approved or that additional studies may be
required for approval or other delays may occur; the Company’s
ability to obtain additional funding or enter into strategic or
other business relationships necessary or useful for the further
development of the Company’s product candidates; risks related to
the manufacture of raw materials, including the Company’s active
pharmaceutical ingredient, and drug product components utilized in
clinical trial materials, including failure to transfer technology
and processes to third parties effectively or failure of those
third parties to obtain approval of and maintain compliance with
the FDA or comparable regulatory authorities; 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 the Company’s annual report filed with the SEC on Form
10-K for the twelve months ended December 31, 2019, as amended, and
in the Company’s 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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