FDA frowns on Evolus

Evolus Inc. (NASDAQ:EOLS) fell $3.95 (27%) to $10.70 on Wednesday after it said FDA issued a complete response letter for a BLA for prabotulinumtoxinA (DWP-450) to treat adults with glabellar lines (frown lines between the eyebrows). With the move, Evolus shed over $90 million in market cap.

Evolus said the CRL focused solely on CMC process deficiencies. It plans to respond to FDA "with a complete submission" within 90 days, and anticipates a spring 2019 launch for DWP-450...