November 16, 2017

Cohen Milstein Sellers & Toll PLLC is conducting an investigation to determine whether Novan, Inc. (“Novan” or the “Company”) and certain of its officers and directors made false or misleading statements and/or omissions in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 or committed violations of Sections 11 and 15 of the Securities Act of 1933.

A class action lawsuit was filed in the U.S. District Court for the Middle District of North Carolina by another law firm on behalf of purchasers of the common stock of Novan, Inc. (NASDAQ: NOVN) between September 26, 2016 and January 26, 2017, inclusive (the “Class Period”), including those who purchased shares pursuant or traceable to the Company’s September 26, 2016 initial public offering (“IPO”).

The claims in this case followed the announcement of results from two Phase 3 clinical trials of SB204, a topical gel for the treatment of acne vulgaris. The complaint alleges that Novan and certain of its officers, directors and underwriters (“Defendants”) misrepresented and/or failed to disclose that: (1) the two Phase 3 clinical trials for SB204 were not identical; (2) one of the Phase 3 trials included a specific patient population of women on oral contraceptives; (3) the FDA had requested Novan test SB204 in women on oral contraceptives; (4) the inclusion of women on oral contraceptives in the trials was likely to impact the results.

On January 27, 2017, Novan announced top-line results from the Phase 3 trials of SB204. In one of the trials, the drug met all three primary endpoints. However, the other trial only met one of the three primary endpoints.

The price of Novan shares fell from $18.70 on January 26, 2017 to $4.86 on January 27, 2017. The price at the filing of the complaint on November 3, 2017 was $6.33.

Cohen Milstein encourages all investors who purchased Novan common stock pursuant or traceable to the IPO, and/or between September 26, 2016 and January 26, 2017; or former employees with information concerning this matter to contact the firm.

If you are a Novan shareholder and would like to discuss your right to recover for your economic loss, you may, without any cost or obligation, call Cohen Milstein’s Managing Partner, Steven J. Toll at (888) 240-0775 or (202) 408-4600, or email him at stoll@cohenmilstein.com. If you wish to serve as lead plaintiff, you must move the Court no later than January 2, 2018 to request appointment. Any member of the proposed class may retain Cohen Milstein or other attorneys to serve as your counsel in this action, or you may do nothing and remain an absent class member.

Cohen Milstein has significant experience in prosecuting investor class actions and actions involving securities fraud, and is active in major litigation pending in federal and state courts throughout the nation. Cohen Milstein has taken a lead role in numerous important cases on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate, total billions of dollars. Prior results do not guarantee a similar outcome. For more information visit www.cohenmilstein.com.

If you have any questions about this notice or the action, or with regard to your rights, please contact either of the following:

Steven J. Toll, Esq.
Ryan Marchbank
Cohen Milstein Sellers & Toll PLLC
1100 New York Avenue, N.W.
Fifth Floor
Washington, D.C. 20005
Telephone: (888) 240-0775 or (202) 408-4600
Email: stoll@cohenmilstein.comrmarchbank@cohenmilstein.com