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Botox competitor, Daxxify, gains FDA approval

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Botox rival Daxxify gets FDA approval as an anti-wrinkle drug.

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Botox's two-decade market dominance may be challenged by a new drug aimed at reducing the appearance of facial wrinkles.

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Nashville-based Ravens Therapeutics announced Thursday that the US Food and Drug Administration has authorized its new drug, Daxify.

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The company notes that the effects of the treatment can last up to six months or longer than comparable products.

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Which could help Ravens capture a large portion of the lucrative and rapidly expanding industry.

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The drug Daxxify, also known as daxibotulinumtoxinA, is specifically licensed for the "temporary elimination of eyebrow lines in adults."

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According to trials submitted to the FDA, the procedure, which involves injecting fluid into the face along lines of concern,

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Does not reduce facial wrinkles in 80% of patients after four months.

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Cowen Inc. According to analyst Ken Cassiatore, "This shows what we consider to be the first meaningful competitive threat for Botox,"

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And he expects Daxxify to reach $1 billion in sales by 2030.

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