MORRISVILLE — Novan, Inc., a late-stage pharmaceutical company, continues to change its leadership as it plans to meet with the U.S. Food and Drug Administration in March, the company announced Wednesday.
The Morrisville-based company has been granted an end-of-Phase 2 meeting with the FDA for the SB206 molluscum program. This meeting will enable Novan and the FDA to agree on a Phase 3 development plan.
Additionally, Novan has named two new executives to its company. John Gay will serve as the principal financial officer and corporate secretary, and David Herbert will join Novan as its senior director of biometrics.
Gay has been with Novan since May 2018 and previously served as corporate controller for the company, a role he plans to continue.
Earlier this month, Novan saw multiple shakeups in its leadership including the departure of Chief Business Officer Jeff Hunter. That story can be found here.
Along with the shakeups, the company’s stock was threatened with delisting by Nasdaq for not complying with the stock exchange’s rules that require it to have a market value above $50 million.
The company has until July 15, 2019, to comply with the rule. That story can be found here.
Novan’s problems began after reporting disappointing news from an important late-stage clinical trial in early 2017. After the news, shares of Novan plunged by more than 75 percent.
Since then, the company has seen many changes in its leadership as well as a shift in its strategic focus to try and regain shareholders trust.
Novan’s stock declined 5.50 percent Thursday morning to $1.26.
This story is from the North Carolina Business News Wire, a service of the UNC-Chapel Hill School of Media and Journalism