BRIEF-Novan Commences Restructuring Of Company's Commercial Segment, To Cut Workforce By About 50%

Reuters2023-06-01

May 31 (Reuters) - Novan Inc :

* NOVAN INC - COMMENCED RESTRUCTURING OF COMPANY'S COMMERCIAL SEGMENT, RESULTING IN A REDUCTION IN FORCE OF ABOUT 50% OF EMPLOYEES

* NOVAN INC - REDUCTION IN FORCE IS PRIMARILY AMONG ITS FIELD SALES REPRESENTATIVES

* NOVAN INC - ESTIMATES THAT IT WILL INCUR ABOUT $0.9 MILLION IN CHARGES RELATED TO REDUCTION IN FORCE

* NOVAN INC - EXPECTS TO RECORD CHARGES IN Q2 OF 2023 AND TO MAKE SUBSTANTIALLY ALL OF RELATED PAYMENTS OVER A PERIOD OF TWELVE MONTHS

* NOVAN INC - DOES NOT CURRENTLY HAVE SUFFICIENT FUNDS TO COMPLETE COMMERCIALIZATION OF ANY OF ITS PRODUCT CANDIDATES THAT ARE UNDER DEVELOPMENT

* NOVAN - EXPLORING POTENTIAL FOR ADDITIONAL STRATEGIC TRANSACTIONS, OTHER POTENTIAL STRATEGIC TRANSACTIONS, WHICH COULD INCLUDE A SALE OF CO

* NOVAN INC - PAULA BROWN STAFFORD VOLUNTARILY AGREED TO A TEMPORARY REDUCTION OF APPROXIMATELY 33% IN BASE SALARY OTHERWISE PAYABLE TO HER IN 2023

* NOVAN - PURSUING ADDITIONAL CAPITAL THROUGH EQUITY OR DEBT FINANCINGS OR FROM OTHER SOURCES

Source text for Eikon: Further company coverage:

((Reuters.Briefs@thomsonreuters.com;))

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