Novan announces new chairman

Novan announced in a press release it has named Robert A. Ingram chairman of its board of directors.

Novan also announced it has received $32.8 million of net proceeds in a private Mezzanine B financing from its private investor network, according to the release.

Neal Hunter, outgoing chairman of the board and Novan’s founding investor, and Mark Schoenfisch, the company’s co-founder, have resigned from the board following the financing, while Robert Keegan has been appointed to the board of directors, according to the release.

“I am proud of our accomplishments to date, among them securing more than $100 million in private financing that has allowed us to develop Novan’s pipeline of unique nitric oxide-based candidates and thoughtful way we have used that capital,” Hunter, who served on the board for eight years, stated in the release. “Bob Ingram is well qualified, well respected and remarkably experienced in the dermatology space. I am confident that he will successfully lead the board and management team as they continue toward Novan’s goal of becoming a commercially successful leader in the dermatology market.”

Keegan is an operating partner of Friedman, Fleischer and Lowe, a San Francisco-based private equity firm, according to the release.

Reference: www.novantherapeutics.com