Biotech Values

[DewDiligence]

In RVNC’s BELMONT study, the 2-point response rate at 28 days was 85% in the RT002 40U arm (the dose being advanced to phase-3) and was 76% in the Botox arm—see slide #17:

http://investors.revance.com/common/download/download.cfm?companyid=AMDA-2GNRV0&fileid=879866&filekey=49C43CF1-9EAE-4E93-9666-420214DA7486&filename=RVNC_Company_Presentation_March_2016.pdf

So, Alphaeon’s 68-70% is low.

Note: It is immaterial whether the response rate is measured at 30 days (in the Alphaeon trials) or at 28 days (in RVNC’s BELMONT study)—both time points should capture the maximum treatment effect.