Published on January 4, 2010 at 5:39 AM
Revance Therapeutics, Inc. (“Revance”) today announced the first $25 million closing of a $35 million Series D financing. The round was led by Essex Woodlands Health Ventures Fund VIII. The financing included returning investors participating at their full pro rata, Essex Woodlands Fund V, Vivo Ventures, Technology Partners, Shepherd Ventures, Palo Alto Investors, Bio*One Capital and Pac-Link Ventures. The total Series D financing is expected to reach $35 million with the participation of new investors and close in approximately ninety days.
“RT001 is a highly differentiated product compared to the injectable product and that is expected to significantly expand the botulinum toxin market far beyond the current $1 billion mark.”
Concurrent with the financing, Ron Eastman, Managing Director at Essex Woodlands will join the Revance Board of Directors. “With the clear clinical demonstration of safety and efficacy in multiple Phase 2 studies, Revance has made great progress in addressing the key development, regulatory and commercial hurdles to bring the first topical botulinum toxin type A to market," Eastman noted. He added, “RT001 is a highly differentiated product compared to the injectable product and that is expected to significantly expand the botulinum toxin market far beyond the current $1 billion mark.”
“The capital raised from this financing allows Revance to take our lead compound, RT001, a topical botulinum toxin, to Phase 3 studies, as well as expand the RT001 program internationally,” said Dan Browne, President and Chief Executive Officer of Revance, “We are gratified by the continued support of our investors as we develop a safe and efficacious neuromodulator product for facial aesthetics, hyperhidrosis and other therapeutic indications outside of dermatology.”
Source: Revance Therapeutics, Inc.