A Malin Corporation investee company, Novan Inc., today successfully completed an initial public offering of its shares. Novan raised at least $45 million and will trade on the NASDAQ Global Market under the ticker symbol NOVN.
A Malin Corporation plc (ISE:MLC,“Malin”) investee company, Novan Inc., today successfully completed an initial public offering of its shares. Novan raised at least $45 million and will trade on the NASDAQ Global Market under the ticker symbol NOVN.
In December 2015, Novan’s non-dermatological assets were separated from
its broad nitric oxide platform into KNOW Bio, LLC (“KNOW Bio”). The
shares of this company were distributed to shareholders. The remaining
company, Novan, (which completed an IPO today) focused all of its
clinical and scientific expertise towards the dermatology therapeutic
The possible applications of this nitric oxide technology platform spans
multiple therapeutic indications. Further success through Novan in the
dermatology space should provide tangible evidence needed to attempt
repeatable successes in areas such as respiratory, wound healing and
selected other applications.
In March 2015, Malin invested $30 million in Novan (before the spin-out
of KNOW Bio) and prior to the IPO held 1,823,485 shares in Novan. To
provide further support and confidence in the underlying business and
opportunity in dermatology, Malin acquired 800,000 shares as part of the
Novan IPO fundraising. Following the fundraising and completion of the
IPO, Malin holds 2,623,485 shares of Novan. In addition, Malin retains a
16% interest in KNOW Bio and will continue to work directly with KNOW
Bio on advancing the nitric oxide platform in additional therapeutic
About Malin Corporation plc
Malin (ISE:MLC) is an Irish incorporated public limited company. Its
purpose is to create shareholder value through the selective long-term
application of capital and operational expertise to private, pre-IPO,
pre-trade sale operating businesses in dynamic and fast growing segments
of the life sciences industry. Through its operational involvement,
Malin works with its investee companies to enable them to reach the full
potential of their value proposition and to achieve commercial success.
For more information, visit www.malinplc.com
About Novan Inc.
Novan (NASDAQ:NOVN) is a late-stage specialty biotechnology company
focused on redefining the standard of care in dermatology through the
development and commercialization of innovative therapies using the
Company’s nitric oxide platform. Nitric oxide plays a vital role in the
natural immune system response against microbial pathogens and is a
critical regulator of inflammation. Novan’s ability to harness nitric
oxide and its multiple mechanisms of action has enabled it to create a
platform with the potential to generate differentiated, first-in-class