DURHAM, N.C. -- (BUSINESS WIRE) -- Novan Therapeutics, a specialty pharmaceutical company focused on advancing nitric oxide therapies for a number of diseases, announced today that the U.S. Small Business Administration recently named the Company a 2014 Tibbetts Award winner. The Tibbetts Awards are presented annually to those companies and individuals that promote the mission and goals of the Small Business Innovation Research (SBIR) program. Winners are selected based on the economic impact of their technological innovation and on the extent to which that innovation serves federal R&D needs.
“It’s an honor to be recognized with such a strong group of peers,” said Nathan Stasko, Novan’s President. “The SBIR program provides a vehicle for growth not only for companies with promising technologies, but also for economic development throughout the nation.”
Much of Novan’s pipeline growth is the result of federally-funded SBIR programs. The Company has received awards totaling more than $7 million from the Department of Defense, the National Institutes of Health, and the National Science Foundation to advance the development of Novan’s nitric oxide platform technology.
“We are grateful for the recent recognition and endorsement of Novan’s innovative pipeline,” said Neal Hunter, Novan’s Chairman. “Public-private partnerships are essential in unlocking the full potential of complex platform technologies. From treating burn injuries via the support of the BARDA contract to eliminating the overuse of antibiotics through the support of various NIH awards, I firmly believe Novan’s pipeline has the foundation to tackle many of the nation’s most pressing healthcare needs.”
In addition to the recognition that Novan received for its federally-funded initiatives, the Company has been selected to present at the upcoming 2014 BIO International Convention® as one of two Buzz of BIO Pipelines of Promise winners. Dr. Stasko will present an overview of the Company’s pipeline of nitric oxide-releasing product candidates which will include recently reported, positive Phase 2 results for SB204, a first-in-class treatment for acne vulgaris, the most common skin disorder in the United States. Novan’s presentation is on Wednesday, June 25, 2014, at 2:45 p.m. Pacific Time in the Mission Beach Room at the San Diego Convention Center in San Diego, CA. Dr. Stasko and his colleagues will also participate in the BIO One-on-One Partnering meetings with convention attendees to discuss the further development of other indications.
About the Tibbetts Award
Named after Roland Tibbetts, the acknowledged father of the SBIR program, the prestigious Tibbetts Awards recognize those individuals, organizations, firms or projects that exemplify the very best in SBIR achievements. Award winners are selected based on the economic impact of their technological innovation, and the extent to which that innovation served federal research and development needs, encouraged diverse participation, and increased the commercialization of federal research. The Awards are presented to companies that promote the mission and goals of the SBIR program:
About Novan, Inc.
Novan Therapeutics is a privately-held, clinical-stage specialty pharmaceutical company bringing the power of nitric oxide therapies to dermatology and wound care. Novan’s core technologies solve the previous delivery issues with nitric oxide by storing the gaseous species on macromolecules that result in a diverse pipeline of “timed-release” nitric oxide-releasing new chemical entities. Novan is currently developing a range of drug products including topical gels, creams, ointments, and wound dressings which can be tailored to treat specific skin conditions.
To learn more about Novan Therapeutics, please visit www.novantherapeutics.com.