Revance Therapeutics Inc (RVNC)

[DewDiligence]

Re: Double-dose Jeuveau

I’m confident in asserting that the data in EOLS’ latest slide deck have been doctored. It’s not scientifically plausible to double the amount of active toxin administered to a patient without generating a concomitant increase in the rate of ptosis, regardless of the amount of diluent used.

EOLS claims they are not submitting the double-dose Jeuveau data to the FDA because it isn’t necessary to get an expanded FDA label, but this excuse doesn't pass the sniff test, IMO. The real reason EOLS isn’t seeking FDA approval is that they know the double-dose data can’t stand up to FDA scrutiny. This is also why the double-dose data have not been published.

I’ve listened to every EOLS conference call since the company went public. Analysts have often asked EOLS what kind of commercial uptake EOLS expects from double-dose Jeuveau, and the answer has always been wobbly, as in “we don’t plan to track that, and we expect most of our customers will continue to use the regular dosing.” Translation: Double-dose Jeuveau is a gimmick; it won't move the needle for Jeuveau to any material degree.