Could you elaborate on the Revance Therapeutics story and its product portfolio?
Revance Therapeutics, established in 2002, originated from Silicon Valley’s innovative environment, with an initial focus not on aesthetics but on breakthrough science in peptide technology to improve the delivery of biologics. The journey included various research and development phases, such as exploring the delivery of insulin and ultimately, settling on delivering a neuromodulator through the skin, with applications in both aesthetics and therapeutic procedures.
Our product portfolio today is distinguished by its innovation. The global neuromodulator market continues to grow, with applications in aesthetics and therapeutics, the latter being the larger segment. Our flagship product DAXXIFY® was approved in the U.S. in 2022 and has demonstrated the ability to deliver very high patient satisfaction and long-lasting results while using the same amount of core neuromodulator as the leading competitor. Moreover, our neuromodulator was recently approved for cervical dystonia, marking our entry into the therapeutics market.
A partnership with FOSUN Pharma granted us exclusive rights to use, import, sell and otherwise commercialize DAXXIFY® in China. As Revance and DAXXIFY® continue to grow over time, we'll continue to expand internationally.
A partnership with TEOXANE grants Revance exclusive U.S. distribution rights for the RHA® Collection of dermal fillers, the less modified and more natural line of hyaluronic acid (HA) fillers designed for dynamic facial movement. The synergy between DAXXIFY® and RHA® adds a significant edge to our offerings.
Can you discuss the challenges and opportunities you encountered along the journey?
Our journey, akin to many innovation-driven startups, has been marked by milestones and challenges. While my direct involvement began in 2017 as a board member, the company’s history is rich with pivotal moments of capital raising, making necessary shifts, and leveraging technology to advance our offerings. Even during the pandemic, we successfully commercialized our RHA® dermal filler line and assembled a sales force, demonstrating our resilience and adaptability.
One significant revelation from our market research was the consumer desire for products offering longer-lasting effects. Our innovative approach aligns with this unmet need, providing us a strategic entry into a well-established market. Despite hurdles like delayed FDA approval due to manufacturing concerns, our tenacity and ability to adapt have been instrumental in navigating these challenges, underlining our unwavering commitment to innovation and excellence.
What is your strategy for competing with established players in the market?
In a market dominated by well-established brands, innovation is our cornerstone for competition. We draw parallels to companies like Tesla or Netflix, which disrupted their respective markets with groundbreaking offerings. Our partnership with TEOXANE wasn’t just about acquiring a filler; it was about aligning with a brand that resonated with our ethos of innovation. Our strategy mirrors those successful disruptors, leveraging innovation to carve out our niche in a populated space.
With DAXXIFY®, our peptide-formulated neuromodulator technology is a testament to our innovative spirit. We’ve deviated from the traditional use of human serum albumin or animal proteins to stabilize botulinum toxin, offering long-lasting results, early onset of action, and enhanced appearance of skin quality. This approach not only differentiates us but also amplifies our competitive edge in an established market, underscoring our belief that innovation is not just a competitive strategy but a catalyst for market expansion and growth.
How vital is it to align your go-to-market strategy with product efficacy, or do you rely on word-of-mouth and referrals?
Given our B2B2C business model, our foremost focus is equipping the injector and provider with comprehensive knowledge and tools. This is crucial to avoid creating premature consumer awareness that could potentially lead to disappointment if the providers are not yet familiar with our product. We ensure that providers are well-versed with our clinical data, market research, and pricing before amplifying consumer awareness efforts.
As we progress and gather real-world experience, our strategy evolves. We are currently at a juncture where we have accumulated substantial insights to refine our approach. The fusion of supporting practices and fostering consumer awareness is essential. As the circle of experienced providers and consumers broadens, our direct-to-consumer awareness initiatives will intensify, establishing a balanced ecosystem of informed providers and intrigued consumers.
What are the key trends in the aesthetic industry, especially in light of increased awareness during the COVID period?
We’ve identified several significant trends, including a rise in ‘prejuvenation’ treatments among younger clients and an inclination toward natural outcomes. The surge in social media sharing of real-time aesthetic journeys has demystified the treatment process, boosting confidence in prospective clients. Additionally, the ‘Zoom boom’ effect, where people became more conscious of their appearance due to virtual meetings, has led to a spike in treatments.
Furthermore, the U.S. lags behind other international markets in terms of penetration in the facial injectable market, indicating ample growth potential. The industry has been experiencing consistent growth, and emerging trends such as the influence of GLP-1 drugs in facial aesthetics indicate an expanding market. We anticipate this evolution will contribute to increased awareness and demand for facial injectables and related treatments.
How do you envisage synergies with the broader wellness and longevity movement, and what criteria do you prioritize when considering new opportunities or partnerships?
Integration with the broader wellness ecosystem is already underway, with a notable rise in med spas and wellness centers offering a suite of services including weight loss therapies and supplements. While it might be early for us to directly partner in these domains, we certainly see potential for collaboration down the line. For now, our role is to be a supportive partner to practices, helping them attract and serve clients effectively.
In evaluating new opportunities, especially wearing my venture capital hat, I prioritize innovation and the potential to build a company, not just a product. The market size and unmet needs are paramount. From Revance’s perspective, synergy with our existing commercial infrastructure is crucial to ensure that new additions align with and complement our ongoing initiatives without causing distractions or diluting focus.
How are you leveraging the B2B2C model beyond community and education to drive growth?
Our engagement within the B2B2C ecosystem extends to trade shows, advisory boards, and facilitating peer-to-peer communications. We’re invested in being more than a product provider—we aim to be business partners, offering insights and tools to enhance profitability and operational efficiency for practices. We’ve heavily invested in training and education, establishing a robust national corporate center equipped with live injection rooms and state-of-the-art learning facilities.
What can we expect from Revance Therapeutics in the coming years?
Looking ahead, our focus is on execution. We believe we have the assets and strategies in place to drive long-term growth. Our journey is still in the early stages, especially in the U.S. market, and our immediate goal is to optimize our strategy and deepen our partnership with aesthetic practices. We aim to be recognized not only for innovative products but also as a collaborator that contributes meaningfully to the business growth of our partners.
