In a year when many smaller biotechs have had to ditch their public offerings entirely, Novan may count itself lucky it can go for an IPO at all, despite having to settle for a lower amount.

Last month the Durham, NC-based company announced plans to gun for a $60 million IPO but now, in its latest SEC filing, the biotech said it was going for $45 million.

It will do this by offering 3.75 million shares at a price range of $11 to $13 and, at the midpoint of its proposed range, would have a market value of $181 million. It plans to list on the Nasdaq under the symbol $NOVN.