Monday, October 10, 2011

Durham-based biotech startup Novan raises $6M in new capital

Novan, a spinout from UNC-Chapel Hill, has closed on $6 million in new capital, according to a filing with the SEC. Investors include Cree co-founder Neal Hunter, Cree executive John Palmour and former life science executive Robert Ingram. Novan is focused on products to counter drug-resistant infections. Dr. Mark Schoenfish of UNC-CH is a co-founder. Novan raised $4 million in January. The latest funding is a mix of equity and options, according to the SEC filing.

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