12/12/2007 8:52:34 AM
SCOTTSDALE, Ariz. and MOUNTAIN VIEW, Calif., Dec. 11, 2007 (PRIME NEWSWIRE) -- Medicis (NYSE:MRX) and Revance Therapeutics, Inc. ("Revance") today announced a transaction in which Medicis will make an equity investment in Revance and purchase an option to acquire Revance or to license exclusively in North America Revance's novel topical botulinum toxin type A product currently under clinical development. The option period will extend through the end of Phase 2 testing in the United States. In consideration for its $20 million investment, Medicis will receive preferred stock equivalent to nearly 10 percent ownership in Revance on a fully diluted basis.
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