AAA Revance gets $33m to trial anti-wrinkle treatment

Revance gets $33m to trial anti-wrinkle treatment

US-based beauty business Revance Therapeutics has rounded up $33m in series E funding just six months after it agreed to buy back the rights to RT-001, a topical formulation of a new treatment to erase crow’s feet, in a $25m deal designed to resolve a bitter spat with its partners at Medicis.

The firm said the funding came from unidentified new investors as well as participation from existing institutional investors.

Revance’s investors include CNF Investments, the corporate venturing unit of Clark Enterprises, NovaQuest, the former corporate venturing unit of Quintiles, and a string of venture capital firms including Essex Woodlands Health Ventures, Delphi Ventures, Vivo Ventures, Technology Partners, Shepherd Ventures, Bio*One Capital, Pac-Link Ventures and Palo Alto Fund.

The latest funding will used to support phase three trials for the topical delivery of a gel that could replace injected therapies like Botox, which earned about $1.8bn last year.

Revance also announced the conversion of $71m in convertible debt into series E preferred stock.

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