Healthcare Industry News: Revance Therapeutics
News Release - June 10, 2011
Revance Announces $45 Million FinancingNEWARK, Calif.--(Healthcare Sales & Marketing Network)-- Revance Therapeutics, Inc. (“Revance”) today announced the closing of a $45 million financing led by Essex Woodlands Health Ventures and new investor, NovaQuest Capital (NovaQuest). New investor, CNF Investments, also joined the syndicate which included participation from existing investors: Vivo Ventures, Technology Partners, Shepherd Ventures, Palo Alto Investors, Pac-Link Ventures and Essex Capital Corporation.
Concurrent with the financing, Jonathan Tunnicliffe, Partner at NovaQuest will join the Revance Board of Directors. “The market for botulinum toxin neuromodulators is already very large and growing and we believe that the Revance technologies for the first topically applied dose form and next generation injectable product are highly differentiated from current offerings and will expand the market further.” Mr. Tunnicliffe continued, “We look forward to being a part of the Revance team as they continue further late-stage development to bring these novel compounds to market.”
“We are pleased that NovaQuest is joining Essex Woodlands and our existing syndicate,” said Dan Browne, President and CEO of Revance. “Their combined expertise will be an invaluable asset as Revance develops its topical and injectable neuromodulation pipeline in both aesthetic and therapeutic categories.”
Revance Therapeutics, Inc. is a privately held specialty biopharmaceutical company that has developed the proprietary TransMTS™ platform technology which enables local, targeted delivery of large macromolecules across skin. The lead investigational product, RT001 Botulinum Toxin Type A Topical Gel, has demonstrated safety and statistically significant efficacy in Phase 2 clinical trials.
Revance is also developing a next generation injectable botulinum toxin type A product (RT002) integrating the TransMTS technology with the neurotoxin to improve onset of action, increase duration of effect, and limit diffusion away from treatment site. The company manufactures and has exclusive, worldwide rights to a family of purified, well characterized botulinum toxin molecules that could potentially be used across a range of therapeutic indications including migraine, rhinitis and other disease states for which botulinum toxin is an appropriate treatment. For more information, please visit www.revance.com
About Essex Woodlands Health Ventures
With $2.5 billion under management, Essex Woodlands is one of the largest and oldest healthcare focused venture capital firms pursuing investments in pharmaceuticals, biotechnology, medical devices, health care services, and health information technology. Since its founding in 1985, Essex Woodlands has maintained its singular commitment to the healthcare industry and has been involved in the founding, investing, and/or management of over 100 healthcare companies ranging across all sectors, stages and geography. The team is comprised of 25 senior investment professionals with offices in Palo Alto, Houston, New York and London. For more information, please visit http://www.essexwoodlands.com
About NovaQuest Capital
NovaQuest Capital (NovaQuest) manages private equity and other investments in the global biopharmaceutical sector, where its principal focus is investing in late-stage clinical assets and commercial phase biopharmaceutical products. Over the past decade, the NovaQuest team’s investments have provided companies with alternatives to standard biopharmaceutical industry development and commercial deal-making. The team has invested over $900 million into the global biopharmaceutical industry’s most strategic assets. For more information, please visit www.nqcapital.com.
Source: Revance Therapeutics
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