Brief: Novan Commences Restructuring Of Company's Commercial Segment, To Cut Workforce By About 50%

NVN Liquidation

31/05/2023 21:45

May 31 (Reuters) - Novan Inc  NOVN.O :
    * NOVAN INC - COMMENCED RESTRUCTURING OF COMPANY'S
COMMERCIAL
SEGMENT, RESULTING IN A REDUCTION IN FORCE OF ABOUT 50% OF
EMPLOYEES
    * NOVAN INC - REDUCTION IN FORCE IS PRIMARILY AMONG ITS
FIELD
SALES REPRESENTATIVES
    * NOVAN INC - ESTIMATES THAT IT WILL INCUR ABOUT $0.9
MILLION IN
CHARGES RELATED TO REDUCTION IN FORCE
    * NOVAN INC - EXPECTS TO RECORD CHARGES IN Q2 OF 2023 AND TO
MAKE
SUBSTANTIALLY ALL OF RELATED PAYMENTS OVER A PERIOD OF TWELVE
MONTHS
    * NOVAN INC - DOES NOT CURRENTLY HAVE SUFFICIENT FUNDS TO
COMPLETE
COMMERCIALIZATION OF ANY OF ITS PRODUCT CANDIDATES THAT ARE
UNDER DEVELOPMENT
    * NOVAN - EXPLORING POTENTIAL FOR ADDITIONAL STRATEGIC
TRANSACTIONS, OTHER POTENTIAL STRATEGIC TRANSACTIONS, WHICH
COULD INCLUDE A SALE OF CO
    * NOVAN INC - PAULA BROWN STAFFORD VOLUNTARILY AGREED TO A
TEMPORARY REDUCTION OF APPROXIMATELY 33% IN BASE SALARY
OTHERWISE PAYABLE TO HER IN 2023
    * NOVAN - PURSUING ADDITIONAL CAPITAL THROUGH EQUITY OR DEBT
FINANCINGS OR FROM OTHER SOURCES

Source text for Eikon:  ID: 
Further company coverage:  NOVN.O 

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