Novan Announces Inclusion in Russell Microcap® Index
June 24 2021 - 8:05AM
Novan, Inc. (“the Company” or “Novan”) (Nasdaq: NOVN), today
announced that as part of the annual reconstitution of the Russell
stock indexes, Novan has been selected to join the Russell
Microcap® Index, effective after the U.S. market close on June 25,
2021, according to the list of additions published by FTSE Russell
as of June 4, 2021.
“This is truly an exciting time for Novan, on
multiple fronts. On the heels of our recently announced positive
data across all three of our priority pipeline development
programs, importantly, the statistically significant results from
our Phase 3 study of SB206 for the treatment of molluscum, we are
confident in the potential of our NITRICIL™ technology to treat
multiple indications. Our team’s hard work and dedication have
brought us to this point, and we remain dedicated to advancing
these programs. We believe we are well-positioned to continue
building momentum and drive value in the near- and long-term,”
commented Paula Brown Stafford, President and Chief Executive
Officer of Novan.
John M. Gay, Chief Financial Officer of Novan,
added, “Our addition to the Russell Microcap® Index is another step
demonstrating the evolution of Novan. For the first time in the
Company’s history, we are in a position to potentially submit an
NDA with the FDA, targeted for no later than the third quarter of
2022, representing a watershed moment for our shareholders. The
inclusion of Novan on this index should allow us greater access and
visibility to institutional investors and investment managers as we
continue to progress our pipeline portfolio.”
Russell indexes are widely used by investment
managers and institutional investors for index funds and as
benchmarks for active investment strategies. Approximately $10.6
trillion in assets are benchmarked against Russell’s US indexes.
Russell indexes are part of FTSE Russell, a leading global index
provider.
For more information on the Russell Microcap®
Index and the Russell indexes reconstitution, go to the “Russell
Reconstitution” section on the FTSE Russell website.
About FTSE Russell
FTSE Russell is a global index leader that
provides innovative benchmarking, analytics and data solutions for
investors worldwide. FTSE Russell calculates thousands of indexes
that measure and benchmark markets and asset classes in more than
70 countries, covering 98% of the investable market globally.
FTSE Russell index expertise and products are
used extensively by institutional and retail investors globally.
Approximately $17.9 trillion is currently benchmarked to FTSE
Russell indexes. For over 30 years, leading asset owners, asset
managers, ETF providers and investment banks have chosen FTSE
Russell indexes to benchmark their investment performance and
create ETFs, structured products and index-based derivatives.
A core set of universal principles guides FTSE
Russell index design and management: a transparent rules-based
methodology is informed by independent committees of leading market
participants. FTSE Russell is focused on applying the highest
industry standards in index design and governance and embraces the
IOSCO Principles. FTSE Russell is also focused on index innovation
and customer partnerships as it seeks to enhance the breadth, depth
and reach of its offering.
FTSE Russell is wholly owned by London Stock
Exchange Group.
For more information, visit
www.ftserussell.com.
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 is SB206, a topical
antiviral gel, for the treatment of molluscum contagiosum. 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 contagiosum.
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,” “target,”
“anticipate,” “may,” “plan,” “potential,” “will,” “intends” 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, the Company’s
pharmaceutical development of nitric oxide-releasing product
candidates, including SB206, the potential timing of an NDA
submission and the ability to have greater access and visibility to
institutional investors and investment managers. 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 related to the
regulatory approval process, which is lengthy, time-consuming and
inherently unpredictable, including the risk that the FDA will not
agree with the Company’s approach to a potential NDA submission,
that the Company’s product candidates may not be approved or that
additional studies may be required for approval or other delays may
occur, that the Company may not have sufficient quantities of drug
substance and/or drug product to support regulatory submissions and
that the Company may not obtain funding sufficient to complete the
regulatory or development process; the Company’s limited experience
as a company in obtaining regulatory approvals and commercializing
pharmaceutical products; the Company’s ability to obtain additional
funding or enter into strategic or other business relationships
necessary or useful for the further development or, following
regulatory approval, commercialization of the Company’s product
candidates; the Company’s reliance on arrangements with third
parties to support its operations and development efforts and the
risk that such parties will not successfully carry out their
contractual duties or meet expected deadlines; any operational or
other disruptions as a result of the COVID-19 pandemic; and other
risks and uncertainties described in the Company’s annual report
filed with the Securities and Exchange Commission on Form 10-K for
the twelve months ended December 31, 2020, and in the Company’s
subsequent filings with the Securities and Exchange Commission.
Such 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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