Seeking to break Allergan’s dominance in the wrinkle-reducing market, Evolus has filed for a $75 million IPO. As the Irvine, CA-based biotech is preparing to launch a biosimilar version of Botox, it plans to spend the cash on regulatory, pre-commercial and commercial activities.
DWP-450, Evolus’ lead product, has a BLA filed with the FDA and has a May 15, 2018 PDUFA date. In-licensed from South Korean firm Daewoong in 2013, it is an a 900 kDa purified botulinum toxin type A complex called prabotulinumtoxinA.
Evolus stayed vague in the use of proceeds, saying that the offering is meant to increase its “financial flexibility.” The only spending it did spell out is an aggregate of $13,787,500 in milestone payments due to Daewoong and the Evolus contributors once the drug is approved in the US and EU. Other than that, it also hopes to put money into obtaining market approval, pre-launch activities, and training a specialty salesforce.
“If approved, we plan to launch DWP-450 in the United States by building a commercialization infrastructure, including a specialty sales force of approximately 65 sales representatives at commercial launch and growing to 150 sales representatives over time,” the company stated in the S-1.
Evolus, which plans to list under the symbol $EOLS is just the latest threat to Allergan’s top-selling wrinkle-reducing treatment. A few weeks ago, Revance came out with data that showed its drug produced more lasting effects than Botox, though analysts had doubts about the comparison.
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