Revance rockets on approval of Botox rival
US biotech Revance Therapeutics (Nasdaq: RVNC) closed trading 22% higher on Thursday.
The Nashville, Tennessee company announced that it had received approval from the US Food and Drug Administration (FDA) for Daxxify (daxibotulinumtoxinA-lanm) for injection for the temporary improvement of moderate to severe frown lines (glabellar lines) in adults.
"Disruptive innovation to an industry that has remained largely unchanged for over 30 years"Daxxify will challenge Botox’s (botulinum toxin) long domination of the aesthetics market, and works similarly to the AbbVie (NYSE: ABBV) product in blocking chemical signals from nerves that cause muscles to contract.
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