Revance Closes on $300 Million Note Purchase Agreement with Athyrium Capital Management

– $300 million note purchase agreement includes committed borrowings of $200 million and an additional option of uncommitted borrowings of up to $100 million

– Cash runway extended into 2024 with $100 million in notes issued at closing and an additional committed $100 million subject to FDA approval of DaxibotulinumtoxinA for Injection for glabellar lines

Revance Therapeutics, Inc., a commercial stage biotechnology company focused on innovative aesthetic and therapeutic offerings, announced the closing of a $300 million note purchase agreement with funds managed by Athyrium Capital Management, LP, a leading healthcare-focused investment firm.

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“Revance is set to become a formidable player in the thriving aesthetics market with their innovative product and services portfolio, differentiated commercial strategy and proven ability to execute”

“We are pleased to be partnering with Athyrium on a non-dilutive financing that substantially strengthens our financial position ahead of the potential FDA approval of our lead drug product, DaxibotulinumtoxinA for Injection for glabellar lines,” said Tobin Schilke, Chief Financial Officer of Revance. “With an FDA approval, the facility can extend our cash runway into 2024, positioning us to execute on our strategic priorities for growth.”

“Revance is set to become a formidable player in the thriving aesthetics market with their innovative product and services portfolio, differentiated commercial strategy and proven ability to execute,” said Mark Kavulich, Partner at Athyrium. “We look forward to a long-term partnership with Revance to further their growth, particularly as they seek FDA approval for their highly anticipated neuromodulator, which is expected to create a new category in long-acting aesthetic neuromodulators.”

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The $300 million note purchase agreement includes three tranches, subject to the t******************* of the note purchase agreement:

– First tranche note of $100 million;

– Second tranche note of $100 million available within 18 months after the closing of the note purchase agreement, subject to certain conditions including the FDA approval of DaxibotulinumtoxinA for Injection for glabellar lines; and

– Uncommitted third tranche note, of up to $100 million available until March 31, 2024, subject to certain conditions including the achievement of greater than or equal to $50 million in trailing twelve months revenue for DaxibotulinumtoxinA for Injection for glabellar lines, preceding the date of the draw request for the third tranche note.

Revance issued the first tranche note of $100 million at the closing of the note purchase agreement.

Committed borrowings under the note purchase agreement bear a fixed interest rate of 8.5% per annum. The notes mature on either (i) 4.5 years from the closing of the note purchase agreement on September 18, 2026; or (ii) subject to the purchaser’s consent, 6 years from the closing of the note purchase agreement, if as of September 18, 2026, less than $90 million principal amount of the company’s existing 2027 Convertible Notes remain outstanding. Further information with respect to the notes is set forth in a Current Report on Form 8-K filed by Revance with the Securities and Exchange Commission on March 21, 2022.

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