Novan Announces Robert A. Ingram as Chairman

Novan, Inc. named Robert A. Ingram as Chairman of the Board of Directors of Novan. In addition, Robert Keegan has been appointed to the Board of Directors.

The company also announced that it received $32.8 million of net proceeds in a private Mezzanine B financing in December 2015 from its private investor network originating throughout the Research Triangle area of North Carolina.

Following the financing, Neal Hunter, Novan's founding investor, and Mark Schoenfisch, the Company's co-founder, have resigned from the Board after eight and ten years of service, respectively.

"It has been my pleasure these past eight years to serve our shareholders alongside our outstanding employees and a very capable Board," said Neal Hunter, outgoing Chairman of the Board of Novan. "I am proud of our accomplishments to date, among them the securing of more than $100 million in private financing that has allowed us to develop Novan's pipeline of unique nitric oxide-based product candidates and the thoughtful way we have used that capital. I remain a significant shareholder in Novan and a strong supporter of the Company. 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."

"Neal and Mark both have been tremendous partners, and Neal a remarkable leader as Chairman, on the Novan Board," said Robert A. Ingram, newly named Chairman of the Board of Novan. "I want to sincerely thank them for their years of service to the Company. The addition of Bob Keegan brings a wealth of corporate finance, operations and executive leadership experience to our Board, and I am excited for the opportunity to work with him and this talented Board as well as our outstanding management team to position Novan for commercial success."