Revance Secures $8 Million in New Financing
Revance Therapeutics, Inc.
Vice President, Marketing & Business Development
Newark, Calif. November 18, 2008 — Revance Therapeutics, Inc. (“Revance”) today announced an agreement with Leader Ventures and Horizon Technology Finance that will provide $8 million of venture debt financing. This financing will help Revance further the clinical development of their lead product, RT001, a topical form botulinum toxin type A for use in both cosmetic and therapeutic indications, and the TransMTS® platform technology that enables large, macromolecules to cross skin.
“We are pleased with the opportunity to partner with Leader Ventures and Horizon Technology Finance as we continue with Phase 2 trials on RT001 and expand the product pipeline with next generation compounds in aesthetic medicine” said Dan Browne, President and Chief Executive Officer of Revance, “this financing will enable us to achieve additional clinical milestones we set for 2009”.
“We were very impressed with the development progress that Revance made since the closing of the Series C financing” said Brian Best, Managing Director of Leader Ventures, “Revance has a strong management team focused on the goal of bringing RT001 to market. We look forward to continuing to provide the company the resources it needs to be successful.”
Botulinum toxin type A products have enjoyed tremendous market success worldwide, however, there are still a number of constraints associated with the current injectable dose form. Industry research indicates that the current injectable products have achieved less than 10% market penetration. In the United States alone, there are over 25 million women in the core target audience yet only 1 million have chosen to participate in the market. Offering a potentially safer, more tolerable, more consumer pleasing procedure with comparable results to the injectable dose form will reduce the barriers to entry.
“Despite difficult market conditions, Horizon Technology Finance remains committed to investing in breakthrough life science products,” said Kevin May, Managing Director of Horizon Technology Finance, “Revance’s topical dose form has the potential to be game changing by appealing to the millions of consumers who simply dislike and who are averse to needles. We look forward to supporting their continued progress.”