Revance Therapeutics Inc (RVNC)

[YY1000]

I fully agree with the reasoning here. However given the drop in share price, and, per Dew's previous messages, the need to find buyers for the trench at the pre-agreed terms, it could be they fail to do the final draw. If so they will probably spin it as "we didn't draw because given the $100M equity raise we didn't need it."

The market may be fearing they will fail to draw, and then they will have to do another unfavorable raise later, so if they draw the final $150M it may be seen as a positive. Or not . Either way, this is why they *had* to do the $100M raise. Given all the buzz about layoffs, cutting costs etc, I wouldn't be surprised if RVNC is preparing for the possibility they will not be able to draw.

My periodic update from the small group of KOL MDs that I know is that not much has changed in their view of daxi. The ones that liked it keep using it, but no new conversions. The ones that use it still report that half the patients that try daxi go back to previous toxin. Unlike soma, none has adopted daxi light. They think daxi light can find use in MedSpas and non-MD injectors if it can be injected like other toxins, but if it has similar challenges in the glabella as daxi they doubt that MedSpas will figure it out. Of course this is just one data point. On another subject, they like a lot their new RVNC rep, they continue using RHA fillers, and are excited about the next generation of Teoxane fillers.