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Durham's acne drug developer raises $50M, partly from Jim Goodnight

2015-03-31 05:53:05| Biotech - Topix.net

The financing comes from a group that includes new investor Malin Corporation in a fund backed partly by billionaire SAS founder Jim Goodnight and brings new board members G. Kelly Martin , former CEO of Elan Corp. , and Sean Murphy , former head of M&A and business development for Abbott Laboratories , to help oversee the investment. "We believe the promise of Novan's pipeline and our advancement toward commercialization enabled us to attract strong participation in this round, leading us to close at twice the original target of $25 million," says Neal Hunter , Novan's founding investor and chairman.

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