Healthcare Industry News: Revance Therapeutics
News Release - May 12, 2008
Revance Announces Series C ExpansionMOUNTAIN VIEW, Calif.--(HSMN NewsFeed)--Revance Therapeutics, Inc. (“Revance”) today announced the completion of an additional $8 million investment to the Series C financing that was completed in December 2007. The expansion led by Bio*One Capital brings the total Series C to $51.2 million. The financing included returning investors, Essex Woodlands Healthcare Ventures, Vivo Ventures, Technology Partners, Shepherd Ventures, Palo Alto Investors, and new investors, Medicis Pharmaceutical Corporation, Bio*One Capital and Pac-Link Ventures.
“We are very pleased to complete this Series C financing with additional participation from Bio*One Capital and Pac-Link Ventures,” said Dan Browne, President & Chief Executive Officer of Revance. “The additional investment capital from the financing, as well as the BioMed Realty Trust transaction announced last month, will allow Revance to expand its botulinum toxin clinical programs and product pipeline. We believe the application of botulinum toxin type A without an injection using Revance’s MTS technology, as well as the development of new botulinum toxin molecules, will be of interest globally and play a major role in the development of new non-invasive treatment alternatives.”
In addition to the financing, Revance and Bio*One Capital will explore opportunities to establish operations in Asia for the purpose of developing and commercializing aesthetic medicine products based on Revance’s proprietary MTS drug delivery technology. Revance will examine the potential of certain therapeutic agents and MTS delivery to address other large unmet needs within aesthetic and therapeutic dermatology.
“We are excited by the key differentiating advantages of Revance’s MTS technology,” said Swee-Yeok Chu, Chief Executive of Bio*One Capital. “We believe that these will give the company a competitive edge when developing new products for the large and growing Asian markets for aesthetic medicines.”
Revance Therapeutics, Inc. (“Revance”) is a privately held specialty biopharmaceutical company focused on developing innovative products in the aesthetic medicine category. Revance has developed a platform technology allowing non-invasive transcutaneous delivery of botulinum toxin molecules and other potent macromolecules across skin and barrier membranes. This novel technology enables local, targeted drug delivery without patches, needles or other invasive procedures. Revance has exclusive worldwide rights to novel botulinum toxin type A proteins for use worldwide across topical and injectable dose forms and all cosmetic and therapeutic indications. Revance has clinical-stage programs in facial aesthetics and hyperhidrosis, and preclinical programs in hyperpigmentation and acne, and our over-the-counter skin care brand RELASTIN™.
About Bio*One Capital Pte Ltd
Bio*One Capital is a leading, dedicated biomedical sciences investment management company in Asia with a worldwide presence. Bio*One Capital’s investments are focused on promising global biomedical companies where Bio*One Capital can play a value adding role in bridging and supporting companies' growth strategies in Asia. Through its extensive networks, Bio*One Capital facilitates partnering and collaborative opportunities to help its portfolio companies grow into sustainable and successful ventures. For more information, please visit http://www.bio1capital.com.
RELASTIN is a trademark of Revance Therapeutics, Inc.
Source: Revance Therapeutics
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