Durham-based pharmaceutical firm Novan reports bigger losses than expected

DURHAM — Novan Inc. (NOVN) on Monday reported a loss of $14.1 million in its first quarter.

On a per-share basis, the Durham, North Carolina-based company said it had a loss of 54 cents.

The results fell short of Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 32 cents per share.

The drug development company posted revenue of $3.2 million in the period, also falling short of Street forecasts. Three analysts surveyed by Zacks expected $6.2 million.