Deal funds research, development, clinical trials, RT001 development
By Devika Patel
Knoxville, Tenn., Feb. 11 - Revance Therapeutics, Inc. said the underwriters for its initial public offering of stock opted to exercise the deal's $14.4 million greenshoe in full for total proceeds of $110.4 million. The deal was announced Dec. 31 and priced for $96 million with the greenshoe on Feb. 6.
The company sold 6.9 million common shares at $16.00 apiece. Of the shares, 900,000 were part of the fully exercised greenshoe.
Cowen and Co. and Piper Jaffray were the joint bookrunners.
Proceeds will be used for research and development, for clinical trials, to make payments on a term loan agreement with Hercules Technology Growth Capital, Inc., to make payments under an agreement with Medicis Pharmaceutical Corp., for development of RT001 and for working capital and other general corporate purposes.
The clinical stage specialty biopharmaceutical company is based in Newark, Calif. It expects its shares will trade on the Nasdaq under the symbol "RVNC."
| Issuer: | Revance Therapeutics, Inc.
|
| Issue: | Common stock
|
| Amount: | $110.4 million (including $14.4 million greenshoe)
|
| Shares: | 6.9 million
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| Price: | $16.00
|
| Warrants: | No
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| Bookrunners: | Cowen and Co. and Piper Jaffray
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| Co-manager: | BMO Capital Markets
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| Announcement date: | Dec. 31
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| Pricing date: | Feb. 6
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| Settlement date: | Feb. 11
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| Stock exchange: | Nasdaq: RVNC
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