Revance Therapeutics, a late stage biotech developing the first non-injectable botulinum toxin (Botox) formulation, raised $96 million by offering 6.0 million shares at $16, the high end of the $14 to $16 range. The company had originally planned to offer 5 million shares. Existing venture backers, which include Essex Woodlands, NovaQuest and Vivo Ventures, previously indicated an interest in purchasing up to $16 million of the offering, though that language was removed from the prospectus filed this morning.
At its offer price, Revance Therapeutics commands a market cap of $284 million and will have approximately $111 million in cash on its balance sheet. Revance Therapeutics will list on the NASDAQ under the symbol RVNC. Cowen & Company and Piper Jaffray acted as joint bookrunners on the deal.
