Aegis Capital has reiterated its ‘Buy’ rating and price target of $28 on shares of Revance Therapeutics (NASDAQ: RVNC) following release of the company’s fourth quarter and full year results. Revance Therapeutics reported that it had cash and investments of $185.5 million as of December 31, 2016. The company also said the fourth quarter was highly productive for its lead drug candidate, RT002, with the release of data from its phase 2 study for RT002 and the start of patient enrollment for two additional clinical programs evaluating the drug. Additionally, the company will be presenting clinical data from the BELMONT phase 2 study of RT002 at the 2017 American Academy of Dermatology Annual Meeting at the Orange County Convention Center in Orlando, Florida, March 3-7, 2017.
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About Revance Therapeutics, Inc.
Revance, a Silicon Valley-based biotechnology company, is committed to the advancement of remarkable science. The company is developing a portfolio of products for aesthetic medicine and underserved therapeutic specialties, including dermatology, orthopedics and neurology. Revance’s science is based upon a proprietary peptide technology, which when combined with active drug molecules, may help address current unmet needs. Revance’s initial focus is on developing daxibotulinumtoxinA, the company’s highly purified botulinum toxin, for a broad spectrum of aesthetic and therapeutic indications, including facial wrinkles and muscle movement disorders. The company’s lead drug candidate, DaxibotulinumtoxinA for Injection (RT002), is currently in development for the treatment of glabellar lines, cervical dystonia and plantar fasciitis with the potential to be the first long-acting neuromodulator. The company holds worldwide rights for all indications of RT002 injectable and RT001 topical and the pharmaceutical uses of its proprietary peptide technology platform. More information on Revance may be found at www.revance.com.
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