Revance shares gain 8% after FDA approval of cervical dystonia treatment
Shares of Revance Therapeutics Inc. (RVNC) gained 8% premarket on Monday after the U.S. Food and Drug Administration approved the biotech company's Daxxify injection for treatment of cervical dystonia in adults. Cervical dystonia is a chronic disease that causes painful, involuntary neck muscle contractions and affects about 60,000 people in the U.S. Daxxify, a Botox competitor, previously received FDA approval late last year for the temporary improvement of frown lines. The approval announced Monday is the injection's first therapeutic indication. Revance shares have gained 2.4% in the year to date, while the S&P 500 is up 16%.
-Eleanor Laise
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