– Built-in fintech platform designed to remodel current fee processing ecosystems and enhance each aesthetic follow economics and affected person experiences –
– Gives entry to a $500+ million market alternative in U.S. aesthetic follow fee providers –
NEWARK, Calif.–(BUSINESS WIRE)– Revance Therapeutics, Inc.. (Nasdaq: RVNC), a biotechnology firm centered on revolutionary aesthetic and therapeutic choices, together with its investigational neuromodulator product, DaxibotulinumtoxinA for Injection, immediately introduced the completion of its beforehand introduced acquisition of Trace, Inc., a privately held firm doing enterprise beneath the identify HintMD. Revance issued a complete of 8,572,213 shares of widespread stock to the fairness holders of HintMD within the merger, together with 683,200 shares to be held in escrow and choices to buy 801,600 shares issued upon conversion of the assumed HintMD choices.
“The acquisition of HintMD augments Revance’s strong aesthetics product offering, enabling us to transform both the practice and patient experience with an innovative fintech platform,” mentioned Mark Foley, President and Chief Government Officer of Revance. “This transaction leverages our existing and planned commercial infrastructure and, we believe along with our suite of facial injectables, grows our U.S. aesthetics market opportunity to more than $2.6 billion.”
The acquisition of HintMD supplies Revance with entry to an estimated $500-plus million market alternative in U.S. aesthetic follow fee providers by its distinctive, built-in digital providers platform.
In reference to the acquisition of HintMD, Revance granted particular inducement fairness awards beneath the Revance 2014 Inducement Plan to retain sure former HintMD staff (75 in whole) as staff of Revance. Revance granted restricted stock awards (RSAs) for an combination of 784,496 shares, which incorporates 57,251 shares to Aubrey Rankin, co-founder and former Chief Government Officer of HintMD, who joins Revance as its President of Innovation and Expertise and a member of its Board of Administrators. The RSAs vest over a interval of three years, with 25% vesting on August 15, 2021, 25% vesting on August 15, 2022 and 50% vesting on August 15, 2023. The fairness awards had been permitted by the Compensation Committee of the Revance Board of Administrators and had been granted as a fabric inducement to employment with Revance.
About Revance Therapeutics, Inc.
Revance Therapeutics, Inc. is a biotechnology firm centered on revolutionary 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 include human or animal-based elements. Revance has efficiently accomplished a Section three program for DaxibotulinumtoxinA for Injection in glabellar (frown) traces and is pursuing U.S. regulatory approval in 2020. Revance can also be evaluating DaxibotulinumtoxinA for Injection within the full higher face, together with glabellar traces, brow traces and crow’s toes, in addition to in three therapeutic indications – cervical dystonia, grownup higher limb spasticity and plantar fasciitis. To accompany DaxibotulinumtoxinA for Injection, Revance has constructed a singular portfolio of premium services and products for U.S. aesthetics practices, together with the RHA® Assortment of dermal fillers within the U.S., the primary and solely vary of FDA-approved fillers for correction of dynamic facial wrinkles and folds, and the HintMD fintech platform, which incorporates built-in sensible fee, subscription and loyalty digital providers. Revance has additionally partnered with Mylan N.V. to develop 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 data or to hitch our crew go to us at www.revance.com.
This press launch accommodates forward-looking statements which embrace, however aren’t restricted to, statements concerning the associated advantages of the HintMD platform and associated applied sciences to Revance and the mixed enterprise, and potential market alternative. These forward-looking statements are topic to the secure 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 on account of uncertainties, dangers and modifications in circumstances, together with however not restricted to dangers and uncertainties associated to 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 Kind 10-Q for the quarter ended March 31, 2020 and any subsequent reviews on Kind 10-Okay, Kind 10-Q or Kind 8-Okay filed with the SEC sometimes and out there at www.sec.gov. These paperwork may be accessed on the Revance Investor Relations web page at https://buyers.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 prompted 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 depend upon quite a few elements, that are unpredictable, together with, however not restricted to, the length and unfold of the outbreak, its severity, the actions to include the virus or deal with its affect, and the way rapidly 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 regulation.
“Revance Therapeutics” and the Revance brand are registered emblems of Revance Therapeutics, Inc.
Resilient Hyaluronic Acid® and RHA® are emblems of TEOXANE SA.
BOTOX® is a registered trademark of Allergan, Inc.