Shares of Revance Therapeutics (RVNC) fell by 24% in after-hours trade after the company reported that its phase 3 clinical trial failed to meet the primary endpoint. The phase 3 trial was using the company's drug RT001 to treat patients with lateral canthal lines, or Crows Feet. The drug in question is a topical gel that would be easier to administer in areas of the body that are very sensitive.
The company failed to meet the primary endpoint of the study, which was measured using the Investigators Global Assessment of lateral Catheral Lines. IGA-LC -- and Patient Severity Assessment -- PSA. The good news is that the company still has other products in the pipeline. Revance remains on track to start a phase 3 trial for its injectable RT002 drug for glabellar lines.
The company even announced that it will even report interim phase 2 results for its cervical dystonia trial soon as well. Despite this disappointing data, Revance is still positioned to trade higher pending positive catalysts.
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