01 December 2008
As Allergan-made Botox continues to gain in popularity, competitors in the non-surgical cosmetic treatment market are stepping up their efforts to offer a suitable alternative.
One biopharmaceutical company that specialises in aesthetic medicine, Revance Therapeutics, has just secured $8 million worth of financing in order to help with the clinical development of ST0001, a topical form botulinum toxin type A that could be a rival to the wrinkle-relaxing injection.
While Botox injections are becoming an increasingly common procedure sought out by both young and ageing women, some remain concerned about the idea of injecting a needle into their face. Revance's research aims to develop a new form of wrinkle-relaxing treatment that will address these issues.
The $8 million in funding was awarded by Leader Ventures, a private investment firm, and Horizon technology Finance, an independent venture debt finance company. Kevin May, Managing Director of Horizon Technology Finance, said:
"Despite difficult market conditions, Horizon Technology Finance remains committed to investing in breakthrough life science products. Revance's topical dose form has the potential to be game changing by appealing to the millions of consumers who simply dislike and who are averse to needles."
The news follows September's report on the non-surgical cosmetic treatment market from medical researcher Kalorama Information. The report found that non-surgical procedures had an annual growth rate of 20.1 per cent.
In addition, a poll conducted in the USA in October showed that the popularity of non-invasive procedures, like Botox and dermal fillers, has increased or remained stable during the global economic downturn.