Novan falls on restructuring and job cut plans to tackle funds crunch

NVN Liquidation

01/06/2023 15:40

** Shares of drug developer Novan Inc  NOVN.O  fall 13.1% to
$1.18
    ** NOVN says it doesn't have sufficient funds to complete
commercialization of its product candidates; existing funds
provides runway into late June
    ** Co exploring strategic options including sale of company
or out-licensing one or more of its commercial products
    ** Co to cut workforce by about 50% primarily among field
sales representatives; expects to incur about $0.9 mln in
charges related to reduction in force 
    ** Stock down 19% YTD

 (Reporting by Aditya Samal)
 ((Aditya.Samal@thomsonreuters.com;))