NEWARK, Calif.–(BUSINESS WIRE)–Revance Therapeutics, Inc. (Nasdaq: RVNC), a biotechnology firm targeted on modern aesthetic and therapeutic choices, together with its next-generation neuromodulator product, DaxibotulinumtoxinA for Injection, right now introduced the signing of a definitive settlement to amass Trace, Inc., a privately held firm doing enterprise beneath the identify HintMD, which has created an built-in monetary expertise (fintech) platform for the aesthetics business. The transaction is predicted to shut within the third quarter of 2020, topic to customary closing situations, together with receipt of approval of the requisite HintMD stockholders. Revance will maintain a convention name and webcast right now at 8.30 a.m. ET to debate the acquisition and strategic rationale behind it.
HintMD, primarily based in Pleasanton, Calif., has developed a proprietary fintech platform that features:
- Vertically Built-in Funds Platform – As each a certified fee facilitator (PayFac) and fee processor, the HintMD platform can course of a broad vary of follow transactions. By doing so, the HintMD platform streamlines the affected person checkout course of and supplies visibility into follow analytics and traits that aren’t accessible with conventional bank card processors or legacy programs that sit outdoors the traditional work circulate. Moreover, the HintMD platform permits safe, contactless affected person checkout and seamless point-of-sale processing, significantly related in right now’s COVID-19 atmosphere.
- Affected person Subscriptions and Loyalty Packages – The HintMD platform permits personalised subscription remedy options with recurring billing applications and affected person pockets expertise to facilitate versatile fee choices. Subscription applications have demonstrated improved affected person remedy compliance and follow economics. The open nature of the HintMD platform permits practices to supply their very own affected person loyalty applications and combine current model rewards plans, whereas additionally facilitating third-party transactions, thus decreasing administration time, enabling simpler entry of rewards, and enhancing fee reconciliation.
Greater than 33,000 U.S. aesthetic practices generated better than $56 billion in annual bank card processing quantity in 2019. On common, bank card processors cost between 0.5% – 1% to finish a monetary transaction relying on quite a lot of components together with the kind of bank card, whether or not or not the cardboard is bodily current and different variables. Along with bank card processing, the HintMD platform additionally has the flexibility to assist affected person subscriptions, loyalty applications and third-party providers, every of which might probably contribute further service income. Mixed, the HintMD platform would give Revance entry to an current $500+ million market, with potential market enlargement alternatives.
“The strategic acquisition of HintMD would augment Revance’s strong aesthetics product portfolio with an innovative fintech platform to transform both the practice and patient experience and deliver real value,” stated Mark Foley, President and Chief Government Officer of Revance. “This transaction could grow our total U.S. aesthetics market opportunity to more than $2.6 billion, which we believe we can access through our planned commercial infrastructure. Marketing the HintMD platform, in combination with the RHA® Collection of dermal fillers and our investigational neuromodulator product, DaxibotulinumtoxinA for Injection, upon approval, would position us as a true industry innovator. We’re creating a compelling aesthetics franchise comprised of next-generation products and digital services designed to improve office efficiency and profitability, while also enhancing patient engagement and retention. In tandem, we’re also advancing our therapeutics pipeline, with two significant topline clinical trial results in the second half of the year. We look forward to completing this acquisition and offering both product and digital service innovation to customers.”
“We’re delighted that HintMD will be joining the Revance family upon completion of this acquisition,” stated Aubrey Rankin, CEO and Co-Founder, HintMD. “We created the HintMD platform to provide a seamless, simple and smart payment solution that empowers modern dermatology and plastic surgery practices to improve office management, analytics and economics. We also aim to elevate the patient experience, providing aesthetic practices with unique subscription and loyalty programs that increase patient engagement, treatment compliance, and satisfaction. Our team’s mission has always been to focus on delivering a win-win solution to our physician customers and their patients, which is core to the DNA of the Revance team. We look forward to working together with Revance, and their impressive portfolio of premium injectables, to create a highly synergistic and competitive offering for aesthetic practices.”
- Leverages deliberate business infrastructure to deal with the precise wants of aesthetic practices.
- Provides an skilled administration and fintech engineering crew that can broaden the corporate’s digital capabilities, allow superior understanding of buyer conduct and permit Revance to deal with the necessity for customized follow and client loyalty applications inside an built-in platform.
- Creates near-term value with incremental recurring income from a technology-based service enterprise.
- Aligns with Revance’s imaginative and prescient to construct a status aesthetics franchise providing that transforms affected person and follow experiences.
- Revance has agreed to pay HintMD’s shareholders a complete of 8.54 million shares of Revance frequent stock, topic to customary changes supplied within the acquisition settlement.
Up to date 2020 Monetary Outlook
Together with the HintMD acquisition, the corporate will not be offering U.S. typically accepted accounting rules (“GAAP”) steering till acquisition accounting is full. Revance expects its monetary steering for 2020 non-GAAP working expense, which incorporates integration prices however excludes depreciation and stock-based compensation prices, to stay between $220 to $230 million. With the acquisition and the corporate’s present cash and equivalents, administration initiatives that the corporate nonetheless has enough sources to fund operations into 2023.
People thinking about listening to the convention name may achieve this by dialing (855) 453-3827 for home callers, or (484) 756-4301 for worldwide callers and reference convention ID: 1260308; or from the webcast hyperlink within the investor relations part of the corporate’s web site at: www.revance.com. A replay of the decision shall be accessible starting Could 19, 2020 at 8:30 a.m. PT/11:30 a.m. ET to Could 20, 2020 at 8:30 a.m. PT/11:30 a.m. ET. To entry the replay, dial (855) 859-2056 or (404) 537-3406 and reference convention ID: 1260308. The webcast shall be accessible within the investor relations part on the corporate’s web site for 30 days following the completion of the decision.
About Trace MD
Based in 2014, Trace, Inc. is a personal expertise platform enterprise working to revolutionize the aesthetic expertise for physicians and sufferers. Along with providing custom-made good point-of-sale fee programs, the corporate companions with board licensed physicians to supply personalised remedy plan subscription options, loyalty applications and built-in companions to drive affected person engagement, compliance and improved scientific outcomes. HintMD relies in Pleasanton, California, supporting the wants of the U.S. medical aesthetic business consisting of greater than 33,000 physician-owned practices.
About Revance Therapeutics, Inc.
Revance Therapeutics, Inc. is a biotechnology firm targeted on modern aesthetic and therapeutic choices, together with its next-generation neuromodulator product, DaxibotulinumtoxinA for Injection. DaxibotulinumtoxinA for Injection combines a proprietary stabilizing peptide excipient with a extremely purified botulinum toxin that doesn’t comprise human or animal-based elements. Revance has efficiently accomplished a Part three program for DaxibotulinumtoxinA for Injection in glabellar (frown) traces and is pursuing U.S. regulatory approval in 2020. Revance can be evaluating DaxibotulinumtoxinA for Injection within the full higher face, together with glabellar traces, brow traces and crow’s ft, in addition to in three therapeutic indications – cervical dystonia, grownup higher limb spasticity and plantar fasciitis. Past DaxibotulinumtoxinA for Injection, Revance gained unique rights to commercialize TEOXANE SA’s Resilient Hyaluronic Acid® (RHA®) line of fillers within the U.S., the primary and solely vary of FDA-approved dermal fillers for correction of dynamic facial wrinkles and folds. Revance has additionally begun growth of a biosimilar to BOTOX®, which might compete within the current short-acting neuromodulator market. Revance is devoted to creating a distinction by reworking affected person experiences. For extra info or to hitch our crew go to us at www.revance.com.
“Revance Therapeutics” and the Revance emblem are registered logos of Revance Therapeutics, Inc.
Resilient Hyaluronic Acid® and RHA® are logos of TEOXANE SA.
BOTOX® is a registered trademark of Allergan, Inc.
Extra Info and The place to Discover It
Revance plans to file with the SEC, and the events plan to furnish to the traders of HintMD, a Registration Assertion on Type S-4, which can represent a prospectus of Revance and can embrace an info assertion of HintMD, in reference to the proposed transaction. The prospectus/info assertion described above will comprise essential details about Revance, HintMD, the proposed transaction and associated issues. Traders are urged to learn the prospectus/info assertion rigorously when it turns into accessible. Traders be capable to acquire free copies of those paperwork, and different paperwork filed with the SEC, by Revance by the web site maintained by the SEC at www.sec.gov. As well as, traders will be capable to acquire free copies of those paperwork from Revance by going to the Revance Investor Relations net web page at https://traders.revance.com/ and clicking on the hyperlink titled “Financials and Filings” or by contacting Revance’s Investor Relations group on the following:
Contributors within the Solicitation
The respective administrators and govt officers of Revance and HintMD may be deemed to be individuals within the solicitation of written consents from the securityholders of HintMD in reference to the proposed transaction. Info concerning the pursuits of those administrators and govt officers within the transaction described herein shall be included within the prospectus/info assertion described above. Extra info concerning Revance’s administrators and govt officers is included in Revance’s proxy assertion for its Annual Assembly of Stockholders, which was filed with the SEC on March 26, 2020. This doc is out there from Revance freed from cost as described within the previous paragraph.
No Provide or Solicitation
This communication will not be supposed to and shall not represent a suggestion to promote or the solicitation of a suggestion to promote or the solicitation of a suggestion to purchase any securities or a solicitation of any vote of approval, nor shall there be any sale of securities in any jurisdiction by which such supply, solicitation or sale can be illegal previous to registration or qualification beneath the securities legal guidelines of any such jurisdiction. No supply of securities shall be made besides via a prospectus assembly the necessities of Part 10 of the Securities Act of 1933, as amended.
This press launch comprises forward-looking statements which embrace, however are usually not restricted to, statements concerning anticipated timing, completion and results of the proposed transaction, the associated advantages of the HintMD platform and associated applied sciences to Revance and the mixed enterprise, and the up to date 2020 monetary outlook and cash runway. These forward-looking statements are topic to the protected harbor provisions beneath the Non-public Securities Litigation Reform Act of 1995. Revance’s expectations and beliefs concerning these issues may not materialize. Precise outcomes and outcomes may differ materially from these contemplated by these forward-looking statements because of uncertainties, dangers and modifications in circumstances, together with however not restricted to dangers and uncertainties associated to: the flexibility of the events to consummate the proposed transaction, satisfaction of closing situations precedent to the consummation of the proposed transaction, potential delays in consummating the transaction and the flexibility of Revance to well timed and efficiently obtain the anticipated advantages of the transaction. Extra dangers and uncertainties that might trigger precise outcomes and outcomes to vary materially from these contemplated by the forward-looking statements are included beneath the caption “Risk Factors” and elsewhere in Revance’s most up-to-date filings with the SEC, together with Revance’s Quarterly Report on Type 10-Q for the quarter ended March 31, 2020 and any subsequent studies on Type 10-Okay, Type 10-Q or Type 8-Okay filed with the SEC now and again and accessible at www.sec.gov. These paperwork may be accessed on the Revance Investor Relations web page at https://traders.revance.com/ by clicking on the hyperlink titled “Financials and Filings.” The dangers and uncertainties may be amplified by the COVID-19 pandemic, which has triggered important financial uncertainty. The extent to which the COVID-19 pandemic impacts Revance’s and HintMD’s companies, operations, and monetary outcomes, together with the length and magnitude of such results, will rely upon quite a few components, that are unpredictable, together with, however not restricted to, the length and unfold of the outbreak, its severity, the actions to comprise the virus or deal with its affect, and the way shortly and to what extent regular financial and working situations can resume.
The forward-looking statements included on this communication are made solely as of the date hereof. Revance assumes no obligation and doesn’t intend to replace these forward-looking statements, besides as required by legislation.