Novan rises on unit's deal with Japanese firm for skin disease cream

NVN Liquidation

21/12/2022 15:30

** Shares of drug developer Novan Inc  NOVN.O  rise 4.3% to
$1.21
    ** Co's subsidiary EPI Health enters agreement with Sato
Pharmaceutical Co Ltd for skin disease cream Rhofade 
    ** EPI Health will receive an upfront payment of $5 million;
to also get $2.5 million milestone payment upon marketing
approval in Japan, and royalty payments on net sales of the
product in Japan
    ** Deal grants Sato the right to develop, manufacture and
market the cream for roseacea, a skin disease, in Japan
    ** NOVN had acquired EPI Health in March 
    ** Despite session's gains, NOVN down ~72% YTD
 (Reporting by Sriparna Roy)
 ((Sriparna.Roy@thomsonreuters.com;))