Novan falls on wider Q1 loss

NVN Liquidation

15/05/2023 15:53

** Shares of pharmaceutical co Novan Inc  NOVN.O  fall as
much as 10% to $1.15
    ** Co posts wider loss in Q1, hurt by higher costs and lower
sales of its Rhofade skin cream due to supply chain disruptions
    ** Reports Q1 net loss of $14.1 mln, compared with $13.4 mln
in a year earlier
    ** Cost of goods sold in Q1 increased to $1.3 mln from $0.2
mln a year earlier 
    ** However, Novan posts Q1 total revenue of $3.2 mln vs $1.9
mln last year
    ** Stock has fallen over 17% in 2023

 (Reporting by Anne Florentyna Gnanaraja Sekar in Bengaluru)
 ((AnneFlorentyna.GnanarajaSekar@thomsonreuters.com;))