Since we originally published a full report on Novan (NASDAQ: NOVN) the company has been delivering good results - recent Phase 2 results for genital warts from HPV were positive and ready for the next step into Phase 3. The news sent the stock up from the $20 level to the $25 level.

More importantly, we will be getting Phase 3 results for their treatment of acne (SB204) in the next few weeks. Acne is a much larger market opportunity so positive phase 3 results are likely to drive an outsized stock movement. The Novan treatment is a topical treatment that . . .

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