Revance falls on Phase III delay

Dermatology play Revance Therapeutics Inc. (NASDAQ:RVNC) plunged $4.93 (23%) to $16.07 on Thursday after it said it would not start a pivotal Phase III trial of lead candidate RT001 to treat canthal lines (crow's feet), as previously expected. Revance said last month it expected the study's results in 1Q15.

In a 3Q14 earnings call, Revance President and CEO Daniel Browne said response rates in a separate open-label Phase III study aimed at confirming the efficacy of a commercially produced batch of the compound were lower than those in a Phase II study, and were "not adequate to move forward with a pivotal Phase III program." ...