Revance Announces Pricing of Public Offering of Common Stock
Revance Therapeutics, Inc. (Nasdaq:RVNC), a biotechnology company developing next-generation neuromodulators for use in treating aesthetic and therapeutic conditions (“Revance” or the “Company”), today announced the pricing of an underwritten public offering of 5,882,353 shares of its common stock at a price to the public of $17.00 per share. Revance has granted the underwriters a 30-day option to purchase up to an aggregate of additional 882,352 shares from the Company. 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 $100 million before deducting underwriting discounts and commissions and other estimated offering expenses payable by the Company. The offering is expected to close on or about January 22, 2019, subject to customary closing conditions. The Company intends to use the net proceeds received from its offering of common stock for working capital and general corporate purposes, including clinical trial and related expenses, research and development expenses, general and administrative expenses, and capital investments.
Goldman Sachs & Co. LLC, Cowen and Piper Jaffray are acting as book-running managers and Guggenheim Securities is acting as lead manager.
The securities described above are being offered by Revance pursuant to an automatic shelf registration statement previously filed with the Securities and Exchange Commission on December 5, 2017. The offering will be made only by means of a prospectus supplement. When available, copies of the 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 firstname.lastname@example.org; Cowen and Company, LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, Attn: Prospectus Department, or by emailing PostSaleManualRequests@broadridge.com; or Piper Jaffray & Co., Attn: Prospectus Department, 800 Nicollet Mall, J12S03, Minneapolis, MN 55402, or by telephone at 800-747-3924, or by email at email@example.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 clinical-stage biotechnology company focused on the development, manufacturing, and commercialization of novel neuromodulators 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 excipient technology, to address unmet needs in large and growing neuromodulator markets.
"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 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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