 Novan, Inc. the Company or Novan NOVN today announced that it has entered into definitive agreements with several institutional and accredited investors for the issuance and sale of 18,604,652 shares of its common stock or pre-funded warrants to purchase common stock in lieu thereof at an effective purchase price of 0.43 per share or pre-funded warrant in a registered direct offering priced at-the-market under Nasdaq rules. H.C. Wainwright Co. is acting as the exclusive placement agent for the offering. The gross proceeds to Novan from this offering are expected to be approximately 8.0 million, before deducting the placement agents fees and other offering expenses payable by Novan. 