BioCentury
ARTICLE | Financial News

Revance, Eleven, Egalet price IPOs

February 7, 2014 1:55 AM UTC

Dermatology company Revance Therapeutics Inc. (NASDAQ:RVNC), ophthalmic play Eleven Biotherapeutics Inc. (NASDAQ:EBIO) and abuse-deterrent drug delivery company Egalet Corp. (NASDAQ:EGLT) all raised money in IPOs on Thursday. Revance raised $96 million through the sale of a bumped-up number of shares at the high end of its proposed range. Revance sold 6 million shares at $16, which values the company at $283.9 million. Last month, the company said it planned to sell 5 million shares at $14-$16. Cowen; Piper Jaffray; and BMO Capital Markets are underwriters. Revance's RT001, a topical botulinum neurotoxin type A, is in Phase III testing to treat canthal lines (crow's feet), with data expected mid-year. Revance gained $10.85 (68%) to $26.85 on its first day of trading Thursday.

Eleven Biotherapeutics raised $50 million through the sale of a bumped-up number of shares below its proposed range. Eleven sold 5 million shares at $10, which values the company at $153.9 million. Last month, the company said it planned to sell 4.3 million shares at $13-$15. Citigroup; Cowen; and Leerink are underwriters. Early next year, Eleven expects top-line data from a Phase III trial evaluating EBI-005, an IL-1 receptor antagonist, to treat dry eye disease. Eleven was up $0.85 to $10.85 on its first day of trading. ...