Novan Therapeutics, an acne treatment developer backed by life sciences company Malin Corporation, has raised $30.4m in new financing, according to Xconomy, which cited a regulatory filing.
Spun out of University of North Carolina at Chapel Hill and founded in 2006, Novan is developing an acne drug currently known as SB204.
The company revealed positive phase 2b clinical trial results for SB204 in September this year and is preparing to enter it in phase 3 trials in 2016. It is also working on a genital warts treatment called SB206.
Novan raised $50m in a March 2015 round featuring Malin, having previously secured $22.5m between 2009 and early 2014.