Revance Proposes Public Offering Of $100 Mln Of Shares; Stock Down Over 8% In Pre-market

(RTTNews) - Revance Therapeutics, Inc. (RVNC) on Monday announced a proposed public offering of $100 million of shares.

The drug maker expects to grant the underwriters a 30-day option to purchase additional shares in an amount not to exceed 15 percent of the number of shares offered in the public offering.

The company intends to use the net proceeds from the offering to support the commercial growth of its aesthetics portfolio, including Daxxify and the RHA Collection of dermal fillers, to support the launch of Daxxify into the therapeutics market.

Revance also plans to use the net proceeds for working capital, research and development, and general corporate purposes.

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

RVNC was trading down by 8.31 percent at $6.40 in the pre-market trade on the Nasdaq.