Novan Therapeutics, a high-profile emerging pharmaceutical firm backed by big-name investors in the Triangle with a focus on developing new dermatology treatments, has a new chairman. But his name is a familiar one. Another well-known name leaves the board in the shuffle.
Robert Ingram, long a pillar of the region’s pharmaceutical industry from his days as an executive at Glaxo to a venture capitalist, takes over as chairman.
Novan announced the change Monday, noting that Cree co-founder Neal Hunter was stepping down both as board chair and from the board. Hunter was Novan’s founding investor, and he remains a “significant shareholder,” he said in a statement.
Also giving up a board seat is Mark Schoenfisch, one of Novan’s co-founders.
At the same time, investor Robert Keegan joins the board.
The changes came after Novan raised some $32.8 million in new financing in December.
“It has been my pleasure these past eight years to serve our shareholders alongside our outstanding employees and a very capable Board,” Hunter said in a statement.
“I am proud of our accomplishments to date, among them the securing of more than $100 million in private financing that has allowed us to develop Novan’s pipeline of unique nitric oxide-based product candidates and the thoughtful way we have used that capital.”
Novan raised more than $80 million in 2015 as it preps for a clinical trial of its lead product.
“I remain a significant shareholder in Novan and a strong supporter of the company,” Hunter added.
“Bob Ingram is well qualified, well respected and remarkably experienced in the dermatology space. I am confident that he will successfully lead the Board and management team as they continue toward Novan’s goal of becoming a commercially successful leader in the dermatology market.”
Keegan is an operating partner in private equity firm Friedman, Fleischer & Lowe.
“The addition of Bob Keegan brings a wealth of corporate finance, operations and executive leadership experience to our Board, and I am excited for the opportunity to work with him and this talented Board as well as our outstanding management team to position Novan for commercial success,” Ingram said.
