Botox had better watch out. Another next-gen cosmetic therapy gunning to offer a simpler replacement for the temporary elimination of facial wrinkles is in late-stage development and the biotech developer now has the cash to complete the effort.
Six months after Revance Therapeutics agreed to buy back the rights to RT-001--a topical formulation of a new treatment to erase crow's feet--in a $25 million deal designed to resolve a bitter spat with its partners at Medicis, the biotech has rounded up $33 million in Series E cash. That money is being earmarked for an ongoing Phase III study.
Revance's investors include Essex Woodlands, NovaQuest Pharma Opportunities Fund, Delphi Ventures, Vivo Ventures, Technology Partners, Shepherd Ventures, Bio*One Capital and Pac-Link Ventures, Palo Alto Fund and other leading institutional investors.
They're backing work on a lead drug that proved effective in a Phase II trial back in 2010, with its peptide technology clearing the way for a topical formulation (Botulinum Toxin Type A Topical Gel) that could replace injected therapies like Botox, which earned about $1.8 billion last year.
"We are pleased to welcome new shareholders to Revance as we continue our lead Phase III program, and are grateful for the ongoing support from our existing investors," said Dan Browne, president and CEO of Revance. "We plan to utilize these funds to further expand our clinical trials that are underway and advance the development of our product candidates, RT001 and RT002."
- here's the press release