Novan Therapeutics Raises $30M Ahead of Acne Drug’s Phase 3 Trial
Summary
Though the identities of the investors in the latest round have not been disclosed, the sheer number of them would imply that the company continues to draw on the support of individuals.Novan’s innovation was developing a way to store nitric oxide in a stable form; the company’s acne and HPV drug candidates are administered as topical gels.Speaking at the annual CED Life Sciences Conference in March, co-founder and President Nathan Stasko said Novan worked for five years to develop its technology.Stasko co-founded the company with UNC chemistry professor Mark Schoenfisch; the two were researching nanoparticle technology for storing and releasing nitric oxide.The company plans to start making drugs next summer from a renovated 51,000 square-foot facility near Research Triangle Park, according to the Biotech Center.