Medicis to invest in Revance

The option period will extend through the end of Phase II testing in the US. In consideration of investment, Medicis will receive preferred stock equivalent to nearly 10% ownership in Revance on a fully diluted basis. The Medicis investment is part of a $43.2 million closing of a Series C financing completed by Revance.

Additionally, Medicis has committed to make further equity investments in Revance of up to $5 million under certain terms and prior to the exercise of the option to acquire Revance or to license botulinum toxin type A product. Medicis and Revance have also agreed to engage in exclusive negotiations regarding a development program relating to the application of Revance’s proprietary drug delivery technology to other agents and selected dermatological targets.

Jonah Shacknai, chairman and CEO of Medicis, said: “We are pleased to announce our collaboration with Revance. The early-stage technology of Revance’s novel delivery of botulinum toxin type A topically for aesthetic purposes is of particular interest to us for our aesthetic product pipeline. We believe the application of botulinum toxin type A without an injection could dramatically expand the usage of the treatment, and expand the market even more rapidly than it is growing today.”