Revance Prices Offering Of 16 Mln Shares At $6.25/Share; Stock Drops

(RTTNews) - Revance Therapeutics, Inc. (RVNC), Monday announced the pricing of offering of 16 million shares at $6.25 a share, to raise $100 million.

The company said that it plans to use the proceeds to finance the commercial growth of its aesthetics portfolio, including DAXXIFY and the RHA Collection of dermal fillers, support the launch of DAXXIFY into the therapeutics market, and for working capital.

The offering is expected to close on or about March 6.

Barclays acts as the sole book-running manager for the proposed offering.

Currently, Revance's stock is moving down 15.04 percent, to $5.93 over the previous close of $6.98 on the Nasdaq.