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Novan Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
MORRISVILLE, N.C., June 01, 2018 (GLOBE NEWSWIRE) -- Novan, Inc. ("the Company" or "Novan") (Nasdaq:NOVN) today reported that the Compensation Committee of Novan’s Board of Directors granted stock options to purchase an aggregate of 100,500 shares of its common stock to four newly-hired employees with a grant date of May 31, 2018. The stock options were granted as inducements material to the new employees entering into employment with Novan in accordance with Nasdaq Listing Rule 5635(c)(4).
Each of the stock options has an exercise price of $3.15 per share, the closing price of Novan’s common stock on May 31, 2018. Each stock option vests over three years, with one-third of the original number of options granted vesting on each annual anniversary of the employee’s employment commencement date, subject to the employee’s continued service as an employee or consultant to Novan through the applicable vesting dates. The stock option grants will be subject to terms and conditions generally consistent with the Company’s 2016 Incentive Award Plan.
Novan, Inc. is a clinical-stage biotechnology company focused on leveraging nitric oxide’s natural antiviral and immunomodulatory mechanisms of action to treat dermatological and oncovirus-mediated diseases. We believe that our ability to conveniently deploy nitric oxide in a solid form, on demand and in localized formulations allows us the potential to significantly improve patient outcomes in a variety of diseases.
Director, Investor Relations, Capital Sourcing & Relationships
Director, Corporate Communications and Administration