Revance Therapeutics Announces $33 Million Series E Financing.
Newark, CA, April 2, 2013 -- Revance Therapeutics, Inc. (Revance), a privately held specialty biopharmaceutical company developing novel botulinum toxin products for use in aesthetic and therapeutic indications, today announced that it has raised $33 million of its Series E growth financing. In addition, Revance announced the conversion of $71 million in convertible debt into the Series E preferred stock. This closing of the financing included significant investment from new investors as well as participation from existing institutional investors.
The proceeds of the financing will be used to support US Phase 3 trials for the topical delivery of botulinum toxin type A to reduce the severity of crow's feet wrinkles, as well as to support other neuromodulation clinical studies.
"We are pleased to welcome new shareholders to Revance as we continue our lead Phase 3 program, and are grateful for the ongoing support from our existing investors," said Dan Browne, President and Chief Executive Officer of Revance. "We plan to utilize these funds to further expand our clinical trials that are underway and advance the development of our product candidates, RT001 and RT002."
Revance's investors include Essex Woodlands, NovaQuest Pharma Opportunities Fund, Delphi Ventures, Vivo Ventures, Technology Partners, Shepherd Ventures, Bio*One Capital and Pac-Link Ventures, Palo Alto Fund and other leading institutional investors.
About RT001 and RT002
RT001 Botulinum Toxin Type A Topical Gel is an investigational product currently in US Phase 3 trials for the topical delivery of botulinum toxin type A to reduce the severity of crow's feet wrinkles by temporarily relaxing the orbicularis oculi muscle around the eyes. RT001 is also currently in Phase 2 trials for the topical treatment of hyperhidrosis (excessive sweating), and chronic migraine headache.
RT002 is an investigational, injectable neurotoxin that integrates Revance's proprietary, purified botulinum toxin type A molecule with the patented TransMTS® peptide technology. RT002 is currently in Phase 1/2 trials.
About Revance Therapeutics, Inc.
Revance Therapeutics, Inc. (Revance) is a specialty biopharmaceutical company which develops botulinum toxin products for use in aesthetic and therapeutic indications. Revance has developed a platform technology, TransMTS®, that enables local, targeted delivery of botulinum toxin and other potent macromolecules across skin without patches, needles or other invasive procedures.
For more information, see the company website at www.revance.com