Evolus Investors Frown As Fda Declines To Approve Botox Rival


– U.S. health regulators on Wednesday declined to approve Evolus Inc’s (EOLS.O) rival product to Allergan Plc’s (AGN.N) Botox, citing deficiencies related to the chemistry and manufacturing of its potential treatment for frown lines, sending its shares down as much as 35 percent.

The deficiencies cited by the U.S. Food and Drug Administration were “manageable”, according to Chief Executive Officer David Moatazedi, who joined the company earlier this month after serving as U.S. head of Allergan’s medical aesthetics business.

“They are all questions we have considered and contemplated prior to the response from the FDA,” Moatazedi said on a call with analysts, but refused to specify the exact questions asked by the FDA.

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