NASHVILLE, Tenn. - Revance Therapeutics, Inc. (NASDAQ: NASDAQ:RVNC), a biotechnology firm specializing in aesthetic and therapeutic products, has announced an underwritten public offering of 16 million shares priced at $6.25 each.
The offering is expected to raise $100 million in gross proceeds before deductions for underwriting discounts, commissions, and other expenses. The company anticipates closing the offering on or about March 6, 2024, contingent upon meeting customary closing conditions.
The net proceeds from the sale are earmarked for the expansion of Revance's aesthetics portfolio, which includes DAXXIFY® for injection and the RHA® Collection of dermal fillers. Additionally, funds will support the introduction of DAXXIFY® into therapeutic markets, as well as general corporate purposes, working capital, and research and development.
Barclays (LON:BARC) is serving as the sole book-running manager for the offering, which is being conducted under an automatic shelf registration statement filed with the Securities and Exchange Commission (SEC) on November 14, 2023.
Relevant documentation, including a preliminary prospectus supplement and accompanying prospectus, is available on the SEC's website. Final versions of these documents will be filed with the SEC and can be obtained from Barclays Capital Inc. when available.
This press release does not constitute an offer to sell or a solicitation of an offer to buy securities, and there will be no sale of these securities in jurisdictions where such offer, solicitation, or sale would be unlawful before registration or qualification under the securities laws of any such jurisdiction.
Revance's product portfolio includes DAXXIFY® (DaxibotulinumtoxinA-lanm) for injection and the RHA® Collection of dermal fillers in the U.S. The company has also partnered with Viatris Inc (NASDAQ:VTRS). to develop a biosimilar to onabotulinumtoxinA for injection and with Shanghai Fosun Pharmaceutical for the commercialization of DAXXIFY® in China.
Investors are cautioned to consider the risks and uncertainties that could cause actual results to differ from those projected in forward-looking statements, such as the ability to satisfy offering closing conditions and the impact of broader economic and political factors.
These cautionary statements are in accordance with the Private Securities Litigation Reform Act of 1995. The information in this article is based on a press release statement.
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