Biotech Values

[DewDiligence]

Re: RVNC /RT002 duration and purity

...how critical, if at all, is extended duration to your analysis of Revance's prospects?

RT002’s extended duration of action of RT002 relative to Botox is less consequential to RVNC’s commercial success than RVNC says it is, IMO.

It’s undoubtedly helpful that RT002 has a somewhat longer duration than Botox, as evidenced by the BELMONT phase-2 data; however, as I’ve posted on this board, I think RVNC overplays this competitive angle and overstates the magnitude of the increased duration.

An equally important competitive consideration—one that CEO, Dan Browne has only recently started to talk about during investor presentations—is that RT002 is a more modern and much purer product than Botox. Specifically, RT002 has no animal-derived ingredients and no excipients other than the proprietary peptide (for reduced diffusion from the injection site). Botox, on the other hand, uses human albumin and other stabilizing proteins in its formulation, which has remained essentially unchanged since the 1980s.

In short, I do think RT002 is somewhat better than Botox, but the difference between the two drugs is not like night and day. Fortunately, the large and fast-growing worldwide market for botulinum toxin ensures that RVNC only needs to capture a modest market share to be a big commercial success.

Please see #msg-123290722 for related discussion.