Novan Announces Planned Chief Executive Officer Transition
December 18 2019 - 8:00AM
Novan, Inc. (“the Company” or “Novan”) (Nasdaq:NOVN) today
announced that Paula Brown Stafford, currently President and Chief
Operating Officer (“COO”) of Novan, will succeed G. Kelly Martin as
its Chief Executive Officer (“CEO”), effective February 2, 2020,
and she will remain a member of the Novan Board of Directors.
Mr. Martin, as per previous agreement, has a
fixed term employment contract that is due to expire on February 1,
2020 and Mr. Martin will step down as Novan's CEO at that time.
Concurrent with the end of his term as CEO, Mr. Martin will also
step off the Board of Directors, effective February 3, 2020. Mr.
Martin and Ms. Stafford will collaborate to execute a smooth
transition of CEO responsibilities.
Ms. Stafford joined Novan as the Chief
Development Officer in March 2017 before being promoted to
President and Chief Operating Officer in January 2019. Prior to
Novan, Ms. Stafford was President of Clinical Development at
Quintiles (now IQVIA). In this role, Ms. Stafford was responsible
for global clinical development operations, overseeing
approximately 20,000 professionals and reaching $3 billion in
annual revenue. While at Quintiles, Ms. Stafford was a member of
the Executive Committee, the Technology Investment Committee, and a
Board Observer.
“On behalf of the Board of Directors, we are
extremely pleased to have Ms. Stafford assume the role of CEO and
lead Novan into its next phase of business progress. Her extensive
leadership and career experience are well suited for our CEO role,”
said Robert Ingram, Executive Chairman of Novan’s Board of
Directors.
“I am honored and excited to lead Novan into our
next chapter. We have the team in place to continue building on the
great progress we’ve made to date,” stated Ms. Stafford. “I look
forward to continuing to collaborate with employees, investors,
partners and patients as we take next steps together.”
For her outstanding contributions to healthcare
and pharmaceutical development, Ms. Stafford was honored with a
Distinguished Alumna Award from the University of North Carolina at
Chapel Hill in 2016, was invited in July 2014 to provide expert
testimony in the U.S. Congressional hearing on the topic of
modernizing clinical trials: “21st Century Cures,” was named one of
the 10 top women in biotech by FierceBiotech in 2012, and in 2011
received the Triangle Business Journal’s “Women in Business”
award.
In addition to her role at Novan, Ms.
Stafford serves on the board of Health Decisions, Inc. and is an
adjunct professor in Public Health Leadership at the Gillings
School of Global Public Health at the University of North Carolina
at Chapel Hill. Ms. Stafford holds a Bachelor of Science and a
Master of Public Health, both from the University of North Carolina
at Chapel Hill, with a specialization in Biostatistics.
About Novan
Novan, Inc. is a clinical development-stage
biotechnology company focused on leveraging nitric oxide’s
naturally occurring anti-microbial and immunomodulatory mechanisms
of action to treat a range of diseases with significant unmet
needs. We believe that our ability to deploy nitric oxide in a
solid form, on demand and in localized formulations allows us the
potential to improve patient outcomes in a variety of dermatology,
women’s health and gastrointestinal diseases.
Forward-Looking Statements
This press release contains forward-looking
statements including, but not limited to, statements related to our
next phase of business progress. 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 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 obtain additional funding or enter into
strategic relationships or other business development necessary for
the further development of our product candidates; 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, 2018, 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.
CONTACT:
(Investors & Media)Cole IkkalaDirector,
Investor Relations, Communications & Business
Developmentcikkala@novan.com
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