Dermatology play Novan raises $45.1M in IPO

Novan Inc. (NASDAQ:NOVN) gained $7.10 (65%) to $18.10 on its first day of trading Wednesday after raising $45.1 million through the sale of 4.1 million shares at $11 in an IPO. Piper Jaffray, JMP Securities and Wedbush are underwriters.

The price valued Novan at $168.6 million. The company ended the day with a market cap of $277.4 million. ...