Novan falls after restructuring, job cut plans

NVN Liquidation

31/05/2023 23:29

** Shares of drug developer Novan Inc  NOVN.O  fall 13.24%
to $1.18 after the bell 
    ** NOVN says it is exploring strategic options including
sale of company or out-license of one or more of its commercial
products 
    ** Says co does not currently have sufficient funds to
complete commercialization of any of its product candidates that
are under development   
    ** Says it plans to cut workforce by about 50% and expects
to incur about $0.9 million in charges related to reduction in
force -NOVN 
    ** Up to last close, stock down ~7% YTD

 (Reporting by Mariam Sunny in Bengaluru)
 ((Mariam.ESunny@thomsonreuters.com;))