Revelyx Secures Tens of Millions of US Dollars in Series A Funding, Conducts Phase II Clinical Trials Overseas for Recombinant Botulinum Toxin Type A Liquid Formulation | Exclusive by 36Kr | Exclusive by 36Kr

Text by | Hu Xiangyun

Edited by | Hai Ruojing

36Kr learned that Revelyx Bio Inc. (hereinafter referred to as "Revelyx") recently completed a Series A financing of tens of millions of US dollars. This round of financing was exclusively led by NRL Capital, and the raised funds will be used to promote the clinical R & D and business expansion of the company's products globally.

Revelyx was established in Delaware, USA in 2025. It is a NewCo enterprise jointly incubated by three international investment institutions including NRL Capital. The core pipeline, the recombinant botulinum toxin type A liquid preparation 003, comes from a Chinese innovative pharmaceutical company and is now conducting a Phase II clinical trial for the indication of glabellar lines in Australia. According to the agreement, Revelyx has the exclusive licensing rights for 003 in overseas markets except for the Chinese mainland, the Hong Kong Special Administrative Region, and the Macao Special Administrative Region.

It is understood that currently, 003 is undergoing a Phase II clinical trial in Australia and is expected to apply for a Phase III clinical trial overseas in 2026. In terms of indications, it will prioritize the layout of indications such as glabellar lines and gradually expand to indications such as upper limb spasm in combination with real - world research.

NewCo refers to a new company established overseas led by international financial capital. Chinese pharmaceutical companies can spin off their product pipelines and license them to it, and obtain certain cash and equity compensation. The ideal expectation of those who set up the deal for the new company is to hire a professional overseas management team to operate the company and finally list it on overseas capital markets (including the US stock market) and conduct commercial cooperation with multinational pharmaceutical companies. In the past two years or so, this transaction model has become the choice for many Chinese innovative pharmaceutical companies to go global.

Therefore, when talking about why they didn't make a direct equity investment but instead incubated a NewCo, the person - in - charge of the medical group of NRL Capital explained: "On the one hand, the original innovative technologies from China are expanding from serious medical to consumer medical fields, and they need to use international capital to diversify risks and accelerate the expansion in overseas markets; on the other hand, for investment institutions, the NewCo model can focus on a few core products with scarcity and international competitive advantages, which helps to concentrate resources to maximize the value of the products."

As a neurotoxin, botulinum toxin has been used in the fields of consumer medical and clinical treatment for decades. In the past, botulinum products on the market were mainly produced by fermenting Clostridium botulinum, and natural botulinum toxin type A was obtained after purification. There were problems such as complex processes, high costs, unstable quality, and potential drug - resistance risks.

In recent years, many domestic and foreign pharmaceutical companies have been exploring innovative production technologies for botulinum toxin type A. By cloning the gene sequence of botulinum toxin type A in engineered bacteria such as Escherichia coli, the botulinum toxin precursor protein is produced through fermentation, and the recombinant botulinum toxin type A is obtained after activation. Theoretically, the recombinant products have more advantages in terms of safety, reliability, and product purity, and also conform to the general trend of biologic products shifting from extraction technology to recombinant technology.

"Our partner's technology has expressed a stable, high - purity, and highly active core botulinum toxin protein through Escherichia coli. The first - generation product has completed a Phase III clinical trial, showing safety and immunogenicity, which verifies the feasibility of the technology. In this transaction, the 003 we obtained is a further iterative product, upgraded from the traditional freeze - dried preparation to a liquid pre - filled preparation, which can be used right after opening the package," said the person - in - charge of the medical group of NRL Capital.

The person - in - charge further introduced that currently, international pharmaceutical companies such as Allergan and Galderma have also explored the patent and product layout of relevant liquid dosage forms. In addition to being more convenient and precise to use and avoiding errors caused by human operation, this dosage form also further explores product advantages in terms of concentration and other aspects. "A stable and reliable liquid preparation can pursue a higher concentration and a lower injection volume, which is expected to maintain the precise anti - aging and wrinkle - removing effect for a longer time."

Views of the investment institution:

The medical and health group of NRL Capital said: "The recombinant botulinum toxin type A liquid preparation product we invested in will bring a new anti - aging and medical experience with superior efficacy, safety, low immunogenicity, overcoming drug resistance, precise scope of action, and convenient use to global users. We are very honored to participate in the investment in Revelyx Bio this time. This cooperation will lay a solid foundation for promoting clinical and commercial promotion globally. We firmly believe in the global competitiveness of the recombinant botulinum toxin type A liquid preparation and will continue to support the long - term development of Revelyx Bio in the future."