Investors – a bunch of them – continue to line up for the chance to invest in Durham-based Novan Therapeutics. In what has become an over-subscribed round, Novan’s latest financing tops its goal by nearly $2 million.
According to a securities filing made Wednesday, Novan says its latest round has swelled to $32,820,304.
The previous target had been $31 million. Novan fell just short of that total in a filing earlier this month.
In the time since the original Dec. 16 disclosure added 26 investors for a total of 172.
So as we reported two weeks ago, 2015 continues to close the way it started for drug development.
The landed $50 million earlier this year. It has now raised north of $100 million, based on securities filings.
The company also has reported a wave of big news this year, from plans to build a production facility for its products to advancing its lead acne product to stage 2 clinical trials to hiring new executives for its management team. Novan has said it expects to launch two Phase 3 clinical trials in January for its lead product, which targets acn.e
Novan is focused on development of new dermatology products such as acne treatments.
Among its Triangle backers are board chairman Neal Hunter, is a co-founder of Cree, and SAS CEO Jim Goodnight.
Interestingly – again – Novan also reiterated in the new filing that it does not intend the funding to last more than a year.
Novan is focused on what it calls “impactful, first-in-class, nitric oxide-based healthcare solutions in a number of large market indications.”
In September, Novan reported “successful Phase 2b Results” for its SB204 compound intended for the treatment of acne. That news was followed by the bolstering of its management team.
