Novan raises $50M in mezzanine round

Novan Inc. (Durham, N.C.) raised $50 million in a mezzanine financing, exceeding the round's initial target of $25 million. New investor Malin Corp. plc (ISE:MLC) led the round and was joined by undisclosed existing investors.

Novan plans to present top-line data from its a Phase IIb trial of SB204 to treat acne vulgaris by early 3Q15. The nitric oxide (NO)-releasing compound is slated to enter Phase III testing by 1Q16. ...