Durham-based Novan Inc. sells all assets, files for bankruptcy. Novan is a publicly traded, clinical-stage drug development company (NASDA:NOVN) developing deliverable products that tap into the anti-bacterial properties of nitric oxide by encapsulating the compound in nano-particles that deliver therapeutic agents to desired body location. With management's goal defined as being a leader in nitric oxide-based science, technology, and clinical translation in support of delivering safe and efficacious therapies using the firm's proprietary nitric oxide-based technology platform, NITRICIL to generate macromolecular New Chemical Entities (NCEs) to treat multiple indications. With a particular focus on treatment of dermatological and oncovirus-mediated diseases, the Companys core technologies solve the previous delivery issues with nitric oxide by storing the gaseous species as an engineered molecule that allows for the "timed release" of nitric oxide in short- or long-term healthcare applications. By storing nitric oxide as part of an engineered molecule, the characteristics of the framework can be controlled to tune the level of nitric oxide storage, the rate of nitric oxide release, and the molecule size to target nitric oxide delivery. The result is stabilized, drug-able nitric oxide.
