Phase 3 Data Lifts Shares Of Revance Therapeutics

11:15 12/05/2017

Shares of RVNC  received a boost today popping over 35 percent on heavy record volume and printing new 52 week highs of $37.20.The weekly and daily chart both have the potential to surge higher coming off today‚Äôs Phase 3 data news that hit the wires.

The Newark, California based biotechnology company Revance Therapeutics, Inc. RVNC  today announced a proposed underwritten public offering in which it will issue and sell approximately $175 million of shares of its common stock.

Revance will not receive any proceeds from the sale of the shares by the Selling Stockholders. It however intends to use the net proceeds received from its offering of common stock for general corporate purposes, including clinical trial and related expenses, research and development expenses, general and administrative expenses, and capital investments.

The biotech company also announced its next-generation neuromodulator DaxibotulinumtoxinA for Injection (RT002) delivered positive top-line results in alleviating moderate-to-severe glabellar lines in two pivotal SAKURA Phase 3 trials. RT002 appeared generally safe and well-tolerated in both studies.

Pending approval by the U.S. Food and Drug Administration (FDA), Revance believes RT002 would be the first neuromodulator with a long-acting duration of six months.

Nearly a third of the $3.6 billion in global neuromodulator sales in 2016 can be attributed to the treatment of glabellar lines which is currently the most popular aesthetic procedure for an injectable neuromodulator.

Mid last week Revance announced the completion of its End-of-Phase 2 meeting with the U.S. Food and Drug Administration (FDA) along with receipt of Scientific Advice from the Europe Medicines Agency (EMA) regarding DaxibotulinumtoxinA for Injection (RT002) for the treatment of cervical dystonia, a movement disorder of the neck, in adults.

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