RVNC - I can understand the market's reaction to the go-it-alone strategy, as well as the perceived inability to pursue further indications due to the company's small size and lack of funding; but I'm hopeful that even if they fly solo, they'll be able to garner a large enough market share in cosmesis (glabellar lines) to do what they need to in the future for other cosmetic indications and for therapeutic indications.
With Botox pulling in around $3B a year and Dysport $500M a year, it's not hard to imagine Daxi (Nextgentox®) ;) doing at least $500M a year for their best-in-class product. Then, once they get settled in, I think they'll take an even larger share. The dermatology industry is well aware of this product and the extended duration should help it to sell itself, even with the moat that Botox is.
If you apply a 6-8x multiplier to their annualized sales, their market cap goes up nicely, giving them the opportunity for less dilution down the road when they need to raise more funds. I do understand they'll need to raise next year some time first. For patient investors with a long timescale, however, going it alone might prove the better strategy. Of course, getting bought it wouldn't hurt either...
News 
Market Data 
Discover 
