Replies to post #217542 on Biotech Values

[DewDiligence]

RVNC 4Q17 results—$283M cash at 12/31/17 (excludes $25M from MYL announced today):

https://finance.yahoo.com/news/revance-releases-fourth-quarter-full-211000767.html

2018 cash-usage guidance remains unchanged from prior guidance: $117-137M.

[jbog]

First Impression is UGH!

[DewDiligence]

RVNC/MYL—More details on Botox biosimilar…

RVNC receives from MYL:

• $25M up-front
• $100M clinical/regulatory milestones
• $225M sales milestones
• “very significant” global (ex-Japan) royalty rate on product sales

MYL has commercial rights worldwide except Japan, where RVNC retains commercial rights.

Clinical-trial costs for US/EU/RoW-ex-Japan will be split 50/50 by MYL/RVNC, but RVNC’s clinical milestone payments from MYL will more than offset RVNC’s share of the clinical-trial costs.

Source: RVNC 4Q17 CC.

[anesthesia doc]

Dew:
Does this change your investment thesis at all? I know RVNC is one of your largest holdings.
Thanks