Novan pummeled on Phase III acne miss

Novan Inc. (NASDAQ:NOVN) plummeted $13.84 (74%) to $4.86 on Friday after it said SB204 missed two of three primary endpoints in a Phase III trial to treat acne vulgaris, while meeting all three endpoints in a second replicate trial.

In both the NI-AC301 and NI-AC302 studies, the three co-primary endpoints were absolute changes in inflammatory and non-inflammatory lesion counts, and response rate as measured by Investigator’s Global Assessment (IGA) score. A total of 2,693 patients with moderate to severe acne received once-daily topical SB204 or vehicle for 12 weeks...