Revance Therapeutics, Inc. (NASDAQ: RVNC), a biotechnology company
developing botulinum toxin products for use in treating aesthetic and
therapeutic conditions ("Revance” or the "Company”), today announced the
pricing of an underwritten public offering of 5,338,709 shares of its
common stock at a price to the public of $31.00 per share. In the
offering, the Company will issue and sell 4,838,709 shares and certain
stockholders of the Company (the "Selling Stockholders”) will sell
500,000 shares. Revance and the Selling Stockholders have granted the
underwriters a 30-day option to purchase up to an aggregate of
additional 800,806 shares from the Company and the Selling Stockholders.
The gross proceeds to the Company from the offering, excluding any
exercise by the underwriters of their 30-day option to purchase
additional shares, are expected to be approximately $150 million before
deducting underwriting discounts and commissions and other estimated
offering expenses payable by the Company. The Company will not receive
any proceeds from the sale of the shares by the Selling Stockholders.
The offering is expected to close on or about December 11, 2017, subject
to customary closing conditions. The Company intends to use the net
proceeds received from its offering of common stock for general
corporate purposes, including clinical trial and related expenses,
research and development expenses, general and administrative expenses,
and capital investments.
Goldman Sachs & Co. LLC and Cowen are acting as book-running managers,
Barclays is acting as joint lead manager, and Cantor Fitzgerald & Co.,
William Blair & Company, L.L.C. and SunTrust Robinson Humphrey are
acting as co-managers for the proposed offering.
A shelf registration statement relating to the securities described
above was filed with the Securities and Exchange Commission on December
5, 2017 and automatically became effective the same day. The offering
will be made only by means of a prospectus supplement. When available,
copies of the preliminary prospectus supplement and accompanying
prospectus relating to the proposed public offering may be obtained by
contacting Goldman Sachs & Co. LLC, Prospectus Department, 200 West
Street, New York, NY 10282, telephone: 1-866-471-2526, facsimile:
212-902-9316 or by emailing email@example.com;
or 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.
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 clinical-stage biotechnology company focused on the
development, manufacturing, and commercialization of novel botulinum
toxin products for multiple aesthetic and therapeutic indications.
Revance is leveraging its proprietary portfolio of botulinum toxin type
A compounds, formulated with its patented and proprietary peptide
technology, to address unmet needs in large and growing neurotoxin
"Revance Therapeutics" and the Revance logo are registered trademarks of
Revance Therapeutics, Inc.
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 (and
documents incorporated by reference therein) 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.
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