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Evolus Soars 20% After ITC Ruling

Shares of Newport Beach-based Evolus Inc. (Nasdaq: EOLS) rose 20% in after-hours trading after it said its flagship Jeuveau aesthetic product received a more favorable ruling from the U.S. International Trade Commission.

The ITC reversed a lower judge’s ruling that Evolus violated a trade secret involving rival South Korean companies and Allergan, now a unit of AbbVie. The ITC also reduced the judge’s recommendation for a 10-year ban to 21 months.

The decision isn’t final until a 60-day presidential review period is complete, during which time the company plans to appeal the ruling and fund a bond to allow the continued sale of Jeuveau in the U.S. for at least two months.

“There’s no immediate impact to the availability of Jeuveau in the United States,” Chief Executive David Moatazedi said in the statement. “We remain committed to finding a resolution to this legal matter, including reasonable settlement terms with Allergan’s new owner, AbbVie.”

Prior to Evolus’s statement, the shares dropped 7% to $3.34 a share in regular trading and a $124 million market cap.

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