Biotech Values

[DewDiligence]

RVNC liquidity and cash-usage guidance:

http://investors.revance.com/releasedetail.cfm?ReleaseID=997573

RVNC had $201.3 of cash at 9/30/16, a reduction of $15.6M from 6/30/16.

Cash-usage guidance for 2016 has been lowered to a range of $80-90M (from the prior guidance of $90-100M). Inasmuch as cash usage during the first nine months of 2016 has been ~$53M, the new guidance implies 4Q16 cash burn of $27-37M, leaving a cash balance at 12/31/16 (assuming no new financing) of $164-174M.