Malin Corporation has backed a $50m funding round for UNC's biotech spin-out with a focus on dermatology.
US-based clinical-stage biotechnology company Novan Therapeutics, which focuses on treating dermatological conditions, has received $50m in a funding round backed by life sciences company Malin Corporation.
The round was oversubscribed and also included unnamed returning private investors. The funding includes an earlier August 2014 round of $10.3m and is twice the originally targeted amount of $25m.
Novan previously secured $11m in 2013 from private investors located in North Carolina’s Research Triangle area, where the company itself is based.
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