A Malin Corporation plc (ISE:MLC,“Malin”) investee company, Novan Inc. ("Novan"), today successfully completed an initial public offering (“IPO”) of its shares. Novan raised at least $45 million and will trade on the NASDAQ Global Market under the ticker symbol NOVN.
In December 2015, Novan’s non-dermatological assets were separated from its broad nitric oxide platform into KNOW Bio, LLC (“KNOW Bio”). The shares of this company were distributed to shareholders. The remaining company, Novan, (which completed an IPO today) focused all of its clinical and scientific expertise towards the dermatology therapeutic market segment.
The possible applications of this nitric oxide technology platform spans multiple therapeutic indications. Further success through Novan in the dermatology space should provide tangible evidence needed to attempt repeatable successes in areas such as respiratory, wound healing and selected other applications.
In March 2015, Malin invested $30 million in Novan (before the spin-out of KNOW Bio) and prior to the IPO held 1,823,485 shares in Novan. To provide further support and confidence in the underlying business and opportunity in dermatology, Malin acquired 800,000 shares as part of the Novan IPO fundraising. Following the fundraising and completion of the IPO, Malin holds 2,623,485 shares of Novan. In addition, Malin retains a 16% interest in KNOW Bio and will continue to work directly with KNOW Bio on advancing the nitric oxide platform in additional therapeutic areas.
About Malin Corporation plc
Malin (ISE:MLC) is an Irish incorporated public limited company. Its purpose is to create shareholder value through the selective long-term application of capital and operational expertise to private, pre-IPO, pre-trade sale operating businesses in dynamic and fast growing segments of the life sciences industry. Through its operational involvement, Malin works with its investee companies to enable them to reach the full potential of their value proposition and to achieve commercial success. For more information, visit www.malinplc.com
About Novan Inc.
Novan (NASDAQ:NOVN) is a late-stage specialty biotechnology company focused on redefining the standard of care in dermatology through the development and commercialization of innovative therapies using the Company’s nitric oxide platform. Nitric oxide plays a vital role in the natural immune system response against microbial pathogens and is a critical regulator of inflammation. Novan’s ability to harness nitric oxide and its multiple mechanisms of action has enabled it to create a platform with the potential to generate differentiated, first-in-class product candidates.
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Last updated on: 21/09/2016
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