Revance raises $150M in follow-on

Revance Therapeutics Inc. (NASDAQ:RVNC) raised $150 million on Thursday through the sale of 4.8 million shares at $31 in a follow-on underwritten by Goldman Sachs, Cowen, Barclays, Cantor Fitzgerald, William Blair and SunTrust Robinson Humphrey. The price is an 11% discount from Revance's close of $34.75 on Tuesday, when it proposed after market hours to raise $175 million.

On Tuesday, Revance gained 34% after it said DaxibotulinumtoxinA for Injection (RT002) met the primary and all secondary endpoints in the Phase III SAKURA 1 and SAKURA II trials to treat moderate to severe glabellar lines, or frown lines between the eyebrows. In 1H19, it hopes to submit a BLA to FDA for the injectable botulinum toxin type A that uses TransMTS technology (see BioCentury Extra, Dec. 5)...