NEWARK, Calif., Nov. 9, 2015 (GLOBE NEWSWIRE) -- Revance Therapeutics, Inc. (Nasdaq:RVNC) today announced the closing of its underwritten public offering of 3,737,500 shares of its common stock at a price to the public of $36.00 per share, which includes the exercise in full by the underwriters of their option to purchase 487,500 additional shares of common stock. The net proceeds from the sale of the shares, after deducting the underwriters' discounts and other estimated offering expense payable by Revance, will be approximately $126 million.
Cowen and Company, LLC, Piper Jaffray & Co., and Guggenheim Securities, LLC acted as book-running managers for the proposed offering, and William Blair & Company, L.L.C., and SunTrust Robinson Humphrey, Inc. acted as co-managers.
A shelf registration statement relating to the shares was filed with the Securities and Exchange Commission on March 4, 2015 and became effective on March 18, 2015. The offering was made only by means of a prospectus supplement. Copies of the final prospectus supplement and accompanying prospectus relating to the public offering may be obtained by contacting Cowen and Company, LLC, c/o Broadridge Financial Services, Attention: Prospectus Department, 1155 Long Island Avenue, Edgewood, NY 11717, Telephone: 631-274-2806, Fax: 631-254-7140; or Piper Jaffray & Co., 800 Nicollet Mall, Suite 1000, Minneapolis, MN 55402, Telephone: 800-747-3924, Email: prospectus@pjc.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
About Revance Therapeutics, Inc.
Revance is a specialty biopharmaceutical company focused on the development, manufacturing and commercialization of novel botulinum toxin products for multiple aesthetic and therapeutic indications. The company is leveraging its proprietary portfolio of botulinum toxin compounds combined with its patented TransMTS® peptide delivery system to address unmet needs in the large and growing neurotoxin markets. Revance's proprietary TransMTS technology enables delivery of botulinum toxin A through two novel drug product candidates, a needle-free topical form and an injectable form that may localize the drug to the site of injection, resulting in a targeted and potentially long-lasting delivery. Revance is pursuing clinical development for drug product candidates RT001 topical and RT002 injectable in a broad spectrum of aesthetic and therapeutic indications. The company holds worldwide rights for all indications of RT001, RT002 and the TransMTS technology platform.
"Revance Therapeutics," TransMTS® and the Revance logo are registered trademarks of Revance Therapeutics, Inc.
Forward-Looking Statements
Certain of the statements made in this press release are forward looking, such as those, among others, relating to Revance's expectations regarding the completion of the proposed public offering. Actual results or developments may differ materially from those projected or implied in these forward-looking statements. Factors that may cause such a difference include, without limitation, risks and uncertainties related to whether or not Revance will be able to raise capital through the sale of shares of common stock, the final terms of the proposed offering, market and other conditions, the satisfaction of customary closing conditions related to the proposed public offering and the impact of general economic, industry or political conditions in the United States or internationally. There can be no assurance that Revance will be able to complete the proposed public offering on the anticipated terms, or at all. Revance will need to raise additional capital to fund its operations and may be unable to raise capital when needed, which would force Revance to delay, reduce or eliminate its product development programs or commercialization efforts. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this press release. Additional risks and uncertainties relating to the proposed offering, Revance and its business can be found under the heading "Risk Factors" in the preliminary prospectus supplement related to the proposed public offering filed with the Securities and Exchange Commission. Revance expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based.