Novin

Ligand Reports Fourth Quarter and Full Year 2023 Financial Results

Retrieved on: 
Tuesday, February 27, 2024
Oncology, Health, Clinical Trials, General Health, Pharmaceutical, Biotechnology, MRK, Research, CRL, New Drug Application, Investment, Eisai, Growth, Sale, Parent, Novin, Focal segmental glomerulosclerosis, Streptococcus, LGND, FSGS, Breakthrough therapy, BLA, AED, GAAP, Therapy, NASH, Liver, NDA, Depreciation, Breast cancer, Total, Forecasting, Perampanel, Shanda, Telecanthus, ID, Retirement, PDUFA, Vaccine, Symantec Endpoint Protection, Type 2 diabetes, Safety, VRNA, Molluscum contagiosum, F2, Acquisition, Caregiver, Merck, AASLD, FDA, Telephone, Food, Pneumonia, Income tax, Hepatology, COVID-19, Element, Patient, SPA, Pharmaceutical industry

Royalties for the fourth quarter of 2023 were $22.5 million, compared with $22.0 million for the same period in 2022.

Key Points: 
  • Royalties for the fourth quarter of 2023 were $22.5 million, compared with $22.0 million for the same period in 2022.
  • Costs of Captisol sales were $1.6 million for the fourth quarter of 2023, compared with $21.6 million for the same period in 2022, with the decrease due to lower total Captisol sales during the fourth quarter of 2023 and $9.8 million in accelerated depreciation on Captisol manufacturing equipment during the fourth quarter of 2022.
  • Amortization of intangibles was $8.3 million for the fourth quarter of 2023, compared with $8.5 million for the same period in 2022.
  • Travere also announced fourth quarter 2023 results reporting that it received 459 new patient start forms for FILSPARI in the fourth quarter of 2023 and net product sales of $14.9 million for the fourth quarter.

Ligand Acquires Assets of Novan, Inc. for $12.2 Million

Retrieved on: 
Wednesday, September 27, 2023
Biotechnology, General Health, Pharmaceutical, Health, New Drug Application, Novin, United States bankruptcy court, Bayer, Molluscum contagiosum, PDUFA, First Ever, Bankruptcy, Cryptocurrency, Ligand

On July 17, 2023, Ligand offered $15 million to acquire all of the assets of Novan as well as to provide up to $15 million in debtor-in-possession (“DIP”) financing.

Key Points: 
  • On July 17, 2023, Ligand offered $15 million to acquire all of the assets of Novan as well as to provide up to $15 million in debtor-in-possession (“DIP”) financing.
  • In September 2023, the Bankruptcy Court approved a $12.2 million bid from Ligand to purchase berdazimer gel and all the assets related to the NITRICIL™ technology platform, and the rights to the Bayer-partnered Sitavig program.
  • The approved $12.2 million bid was credited to the $15 million DIP financing, with the balance of $2.8 million and accrued interest repaid to Ligand.
  • “We are pleased with the outcome of the bankruptcy proceeding resulting in Ligand’s full ownership of berdazimer gel, NITRICIL platform and related assets.

Delisting of Securities of Nymox Pharmaceutical Corporation; Aridis Pharmaceuticals Inc.; Novan, Inc.; ViewRay, Inc.; 9 Meters Biopharma, Inc.; Nabriva Therapeutics plc; UTA Acquisition Corporation; AppHarvest, Inc.; Yellow Corporation; Proterra Inc.; Amy

Retrieved on: 
Thursday, September 7, 2023
Amyris, Appharvest, UTA, Proterra (bus manufacturer), Novin, Yellow Corporation, Therapy, Cryptocurrency

Nymox Pharmaceutical Corporation’s securities were suspended on July 7, 2023, and have not traded on Nasdaq since that time.

Key Points: 
  • Nymox Pharmaceutical Corporation’s securities were suspended on July 7, 2023, and have not traded on Nasdaq since that time.
  • Nasdaq also announced today that it will delist the common stock of Aridis Pharmaceuticals Inc. Aridis Pharmaceuticals Inc.’s securities were suspended on July 19, 2023, and have not traded on Nasdaq since that time.
  • Nasdaq also announced today that it will delist the ordinary shares of Nabriva Therapeutics plc.
  • Nabriva Therapeutics plc’s securities were suspended on August 1, 2023, and have not traded on Nasdaq since that time.

Novan Enters into Agreement to Sell Substantially All of its Assets, including Berdazimer Gel, 10.3% (SB206), and Files for Chapter 11 Protection

Retrieved on: 
Monday, July 17, 2023
Communication, Bankruptcy, APA, United States Bankruptcy Court for the Southern District of New York, Dollar for Dollar, DIP, Electric Bond and Share Company v. Securities and Exchange Commission, Sale, Stalking, Title 11 of the United States Code, Associate, Novin, Bankruptcy Code, PDUFA, PAI, Ligand Pharmaceuticals, United States bankruptcy court, SB206, Security (finance), Insolvency and Bankruptcy Code, 2016, FDA, Pharmaceutical industry, Cryptocurrency

DURHAM, N.C., July 17, 2023 (GLOBE NEWSWIRE) -- Novan, Inc. (Nasdaq: NOVN) and its wholly owned subsidiary, EPI Health, LLC (collectively, “the Company” or “Novan”), today announced that it has entered into a stalking horse asset purchase agreement (“APA”) with Ligand Pharmaceuticals, Inc. (“Ligand”) (Nasdaq: LGND) prior to filing voluntary petitions for relief under chapter 11 of title 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware (the “Chapter 11 Case”). The Company continues to operate its business as a “debtor-in-possession” (“DIP”) under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. The Company also entered into a secured DIP credit facility with Ligand in the principal amount of $15.0 million.

Key Points: 
  • The Company also entered into a secured DIP credit facility with Ligand in the principal amount of $15.0 million.
  • The APA governs the sale of substantially all the assets of the Company for $15 million to be paid in cash at closing.
  • Novan has engaged Raymond James & Associates to advise on its strategic options, including the process to sell its assets in connection with the Chapter 11 Case.
  • Additional information about the Chapter 11 Case, including access to Bankruptcy Court documents, is available online at www.kccllc.net/novan .

Ligand Offers $15 Million to Acquire Assets of Novan, Inc.

Retrieved on: 
Monday, July 17, 2023
Infectious Diseases, Biotechnology, Pharmaceutical, Health, EPI, Fungal infection, Chapter 11, Title 11, United States Code, DIP, Sale, Stalking, Food and Drug Administration, Acquisition, Molluscum contagiosum, PDUFA, FDA, Food, Bankruptcy, Cryptocurrency, Credit, Novin, Ligand

Ligand Pharmaceuticals Incorporated (NASDAQ: LGND) announced that it has made an offer to acquire the assets of Novan, Inc. (Nasdaq: NOVN) (“Novan”) for $15 million in cash and provide up to $15 million in DIP financing to Novan inclusive of a $3 million bridge loan already funded.

Key Points: 
  • Ligand Pharmaceuticals Incorporated (NASDAQ: LGND) announced that it has made an offer to acquire the assets of Novan, Inc. (Nasdaq: NOVN) (“Novan”) for $15 million in cash and provide up to $15 million in DIP financing to Novan inclusive of a $3 million bridge loan already funded.
  • Novan announced earlier today that it has filed for Chapter 11 reorganization and its entry into a stalking horse acquisition offer with Ligand.
  • The transaction is designed to preserve and maximize the value of Novan’s commercial business and berdazimer gel development assets.
  • We are well positioned to take advantage of opportunities such as the proposed acquisition of Novan’s assets,” said Todd Davis, CEO of Ligand.

Novan to Provide Corporate Update at its 2023 Annual Meeting of Stockholders

Retrieved on: 
Monday, June 5, 2023
Online, Webcast, ASM, Novin, Shareholder

DURHAM, N.C., June 05, 2023 (GLOBE NEWSWIRE) -- Novan, Inc. (“the Company” or “Novan”) (Nasdaq: NOVN), today announced that it will host a live audio webcast of the Company’s 2023 Annual Meeting of Stockholders (“ASM”) being held on Tuesday, June 6, 2023 at 9:30 a.m. Eastern Time in a virtual format.

Key Points: 
  • DURHAM, N.C., June 05, 2023 (GLOBE NEWSWIRE) -- Novan, Inc. (“the Company” or “Novan”) (Nasdaq: NOVN), today announced that it will host a live audio webcast of the Company’s 2023 Annual Meeting of Stockholders (“ASM”) being held on Tuesday, June 6, 2023 at 9:30 a.m. Eastern Time in a virtual format.
  • The Company also announced that its Chairman, President and CEO, Paula Brown Stafford, will provide a corporate update on the Company after the conclusion of the ASM, including the Company’s current focus, positioning and short and long-term plans, and will host a question-and-answer period.
  • Guests may listen to the 2023 ASM and the business update by visiting and completing the guest login section of the web portal at www.virtualshareholdermeeting.com/NOVN2023.
  • An archived replay of the webcast will be posted for a limited time following the meeting at that same address.

Novan Focuses Strategic Direction and Announces Restructuring

Retrieved on: 
Wednesday, May 31, 2023
Face, Stock dilution, NDA, Sale, Molluscum contagiosum, Novin, PDUFA, SB206, Bank

DURHAM, N.C., May 31, 2023 (GLOBE NEWSWIRE) -- Novan, Inc. (“the Company” or “Novan”) (Nasdaq: NOVN), today announced that following an evaluation of its commercial and developmental stage assets, it has decided to sharpen its focus and resources on berdazimer gel, 10.3% (SB206) and announced that it continues to explore strategic alternatives, with a focus on its commercial product portfolio and a sale or out-license of one or more of its commercial products.

Key Points: 
  • Novan conducted a deliberate and thorough review of its commercial and development portfolio of assets to determine a path to optimally deploy capital and maximize shareholder value.
  • Following this review, the Company, has initiated a process to explore a sale or out-license of its commercial assets, including RHOFADE, MINOLIRA, and CLODERM.
  • After careful consideration, we have made the strategic decision to implement a reduction in force of our commercial team and continue to explore a sale or out-license of our commercial assets.
  • The Company took this step to concentrate its resources on pursuing the regulatory approval for the Company’s berdazimer gel, 10.3% product candidate.

Novan Reports First Quarter 2023 Financial Results and Provides Corporate Update

Retrieved on: 
Monday, May 15, 2023
Ligand Pharmaceuticals, Rosacea, Advertising, EPI, Satō, Drug development, File, Marketing, Novin, NDA, Health, Nitric oxide, Prescription, Consultant, Acquisition, Molluscum contagiosum, PDUFA, Webcast, SB206, Growth, Research, FDA, Conference, Cryptocurrency, Pharmaceutical industry, Video game, Dermatology

DURHAM, N.C., May 15, 2023 (GLOBE NEWSWIRE) -- Novan, Inc. (“the Company” or “Novan”) (Nasdaq: NOVN), today announced its financial and operating results for the first quarter ended March 31, 2023, and provided a corporate update. The Company will host a conference call and webcast, today, May 15, 2023, at 8:30 a.m. ET (details below).

Key Points: 
  • ET –
    DURHAM, N.C., May 15, 2023 (GLOBE NEWSWIRE) -- Novan, Inc. (“the Company” or “Novan”) (Nasdaq: NOVN), today announced its financial and operating results for the first quarter ended March 31, 2023, and provided a corporate update.
  • “Turning to our commercial portfolio, the first quarter of 2023 marked a noteworthy increase in the number of new prescription writers across our promoted products.
  • 9% prescription growth in first quarter 2023 compared to first quarter 2022;
    26% increase in total writers in first quarter 2023 compared to first quarter 2022; and
    1% increase in units sold in first quarter 2023 compared to first quarter 2022.
  • 19% prescription growth in first quarter 2023 compared to first quarter 2022;
    18% increase in new prescriptions compared to first quarter 2022; and
    23% increase in units sold in first quarter 2023 compared to first quarter 2022.

Novan to Report First Quarter 2023 Financial Results on May 15, 2023

Retrieved on: 
Monday, May 8, 2023
Novin, Conference, Broadcasting

DURHAM, N.C., May 08, 2023 (GLOBE NEWSWIRE) -- Novan, Inc. (“the Company” or “Novan”) (Nasdaq: NOVN), today announced that it will report its first quarter 2023 financial results on Monday, May 15th.

Key Points: 
  • DURHAM, N.C., May 08, 2023 (GLOBE NEWSWIRE) -- Novan, Inc. (“the Company” or “Novan”) (Nasdaq: NOVN), today announced that it will report its first quarter 2023 financial results on Monday, May 15th.
  • Novan management will host a conference call and live audio webcast to discuss the operational and financial results at 8:30 a.m.
  • The call will be led by Paula Brown Stafford, President and Chief Executive Officer of Novan, who will be joined by additional members of the Novan management team.
  • Interested participants and investors may access the conference call by dialing (833) 630-1956 (domestic) or (412) 317-1837 (international) and referencing the Novan, Inc. Conference Call.

Novan Announces Publication of Psoriasis Patient Data Demonstrating Need for Rapid Symptom Improvement¹

Retrieved on: 
Thursday, April 27, 2023
Cream, National Psoriasis Foundation, Wake Forest School of Medicine, JDD, MC2, Novin, Scalp, Vitamin D, Psoriasis, Journal, Patient, Physician, Calcipotriol, Therapy, Pharmaceutical industry, Dermatology, Medicine

DURHAM, N.C. and COPENHAGEN, Denmark, April 27, 2023 (GLOBE NEWSWIRE) -- Novan, Inc. (“the Company” or “Novan”) (Nasdaq: NOVN), and MC2 Therapeutics today announced that results of a recently conducted survey to assess psoriasis patients’ topical treatment experience, expectations, and preferences have been published in the Journal of Drugs in Dermatology (JDD). The survey was conducted by the National Psoriasis Foundation and was sponsored by the Company. Most of the participants self-reported having moderate psoriasis (83.9%); most were using systemic therapies (73.5%) and employing topical medications at least once per week (84%).

Key Points: 
  • The survey was conducted by the National Psoriasis Foundation and was sponsored by the Company.
  • Most of the participants self-reported having moderate psoriasis (83.9%); most were using systemic therapies (73.5%) and employing topical medications at least once per week (84%).
  • Understanding what factors impact adherence can help guide physicians in our choice of topical psoriasis treatments.” commented Steven R. Feldman, M.D., Ph.D., Professor of Dermatology, Wake Forest University School of Medicine.
  • “Findings from this survey demonstrated that psoriasis patients expect to see rapid improvement of their symptoms, or they report they will discontinue topical treatment.