Novan drops 13%, will reduce workforce by 50%
Novan (NASDAQ:NOVN) will restructure its commercial business, impacting 39 employees, resulting in a reduction of ~50% of employees, primarily among its field sales representatives.
The company estimates that it will incur ~$0.9M in charges related to the reduction in force over a period of twelve months.
The company took this step to concentrate its resources on pursuing regulatory approval for the company’s berdazimer gel, 10.3% product candidate.
The company believes that its existing cash and cash equivalents as of March 31, 2023, plus expected receipts associated with product sales from its commercial product portfolio, will provide it with liquidity to fund its planned operating needs into late June of 2023.