Revance Announces Pricing of Public Offering of Common Stock
December 07 2017 - 8:30AM
Business Wire
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 prospectusgroup-ny@ny.email.gs.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 markets.
"Revance Therapeutics" 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 (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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INVESTORSRevance Therapeutics, Inc.:Jeanie Herbert,
714-325-3584jherbert@revance.comorBurns McClellan, Inc.:Ami
Bavishi, 212-213-0006abavishi@burnsmc.comorMEDIAGeneral
Media:TOGORUN:Mariann Caprino,
917-242-1087m.caprino@togorun.comorTrade Media:Nadine Tosk,
504-453-8344nadinepr@gmail.com
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