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Filings: Novan CMO quits; Advanced Animal Diangostics raises $2.45M; Kinston firm lands $315K

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May, 8 2017, 5:55 AM

In WTW's latest roundup of SEC filings:

The details from Chris Roush of North Carolina Business News Wire:

MORRISVILLE — The chief medical officer of acne drug company Novan Inc. resigned last week, according to a filing Friday with the Securities and Exchange Commission.

M. Joyce Rico reached an agreement to leave the company on Friday on good terms, according to the filing.

Rico led the company’s clinical development programs and joined the company in August 2013.

She is a board-certified dermatologist who has served on the faculty at Duke University, New York University, Northwestern University and the University of Miami.

As a physician, she provided the company with clinical leadership and strategic planning with 12 years of added industry experience in product development and medical affairs.

At Fujisawa Astellas, Rico played a key role in the development, launch and post-marketing support for products treating acne, eczema, and psoriasis as well as anti-infectives.

Last month, the company announced positive results from a Phase 2 trial of one of its product candidates, SB208, to treat fungal infections impacting the skin and nails of 40 million people in the U.S., according to the company.

The company is developing acne medications using nitric oxide, which has a wide range of therapeutic uses, such as wound healing and blood pressure regulation. But it’s chemical makeup makes it difficult to control in medical applications.

Novan shares fell 2 cents to $4.98 on Friday.

MORRISVILLE - A Morrisville, N.C.-based company that develops on-farm diagnostics technologies has raised $2.45 million in a private debt offering, according to a filing Friday with the Securities and Exchange Commission.

Advanced Animal Diagnostics Inc. raised the money from five investors, according to the filing.

The company provides diagnostics that detect disease, empowering livestock producers to make real-time management decisions that increase productivity, prevent losses, improve animal welfare and protect the food supply.

Advanced Animal Diagnostics developed and launched a QScout milk leukocyte differential test for early detection of subclinical mastitis in dairy cows.

In late 2014, the company closed on a $15 million Series C round of equity financing.

The financing was co-led by Cultivian Sandbox and Kansas Bioscience Authority and included Laboratory Corporation of America Holdings, Middleland Capital, as well as existing investors Intersouth Partners, Novartis Venture Funds and private individuals.

The company’s CEO is Joy Parr Drach. She was a founder and senior partner of Entira, a management and marketing consulting firm for agribusiness companies, where she led strategic planning and implemented management and marketing programs with clients.

She has successfully launched more than 30 new products, ranging from U.S. dairy parlors to global herbicides to spray equipment.

The company claimed a Rule 506 (b) exemption for the filing. Companies relying on the Rule 506 exemption do not have to register their offering of securities with the SEC, but they must file what’s known as a Form D electronically with the SEC after they first sell their securities.

This story is from the North Carolina Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism

KINSTON — A company that offers private jet charters, aircraft management and maintenance services at the Kinston Regional Jetport has raised $315,00 in a private debt offering, according to a filing Wednesday with the Securities and Exchange Commission.

LGM Enterprises raised the money from five investors, according to the filing, and is seeking to raise an additional $2.2 million.

Jim Segrave is the owner of LGM Enterprises, which was founded in 2012. Before that, he was president of Delta Private Jets from 2010 to 2013.

Delta Private Jets acquired Segrave Aviation in early 2010. Segrave had been operating charter flights out of the Kinston Regional Jetport since 1994.

In 2014, The North Carolina Global TransPark announced today an agreement with LGM Enterprises to continue Kinston Jet Center’s fixed-base operator services at the Kinston Regional Jetport.

The company claimed a Rule 506 (b) exemption for the filing. Companies relying on the Rule 506 exemption do not have to register their offering of securities with the SEC, but they must file what’s known as a Form D electronically with the SEC after they first sell their securities.





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