- Integrated fintech platform designed to transform existing payment processing ecosystems and improve both aesthetic practice economics and patient experiences -
- Provides access to a $500+ million market opportunity in U.S. aesthetic practice payment services -
Revance Therapeutics, Inc. (Nasdaq: RVNC), a biotechnology company focused on innovative aesthetic and therapeutic offerings, including its investigational neuromodulator product, DaxibotulinumtoxinA for Injection, today announced the completion of its previously announced acquisition of Hint, Inc., a privately held company doing business under the name HintMD. Revance issued a total of 8,572,213 shares of common stock to the equity holders of HintMD in the merger, including 683,200 shares to be held in escrow and options to purchase 801,600 shares issued upon conversion of the assumed HintMD options.
"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," said Mark Foley, President and Chief Executive 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 provides Revance with access to an estimated $500-plus million market opportunity in U.S. aesthetic practice payment services through its unique, integrated digital services platform.
In connection with the acquisition of HintMD, Revance granted special inducement equity awards under the Revance 2014 Inducement Plan to retain certain former HintMD employees (75 in total) as employees of Revance. Revance granted restricted stock awards (RSAs) for an aggregate of 784,496 shares, which includes 57,251 shares to Aubrey Rankin, co-founder and former Chief Executive Officer of HintMD, who joins Revance as its President of Innovation and Technology and a member of its Board of Directors. The RSAs vest over a period of three years, with 25% vesting on August 15, 2021, 25% vesting on August 15, 2022 and 50% vesting on August 15, 2023. The equity awards were approved by the Compensation Committee of the Revance Board of Directors and were granted as a material inducement to employment with Revance.
About Revance Therapeutics, Inc.
Revance Therapeutics, Inc. is a biotechnology company focused on innovative aesthetic and therapeutic offerings, including its next-generation neuromodulator product, DaxibotulinumtoxinA for Injection. DaxibotulinumtoxinA for Injection combines a proprietary stabilizing peptide excipient with a highly purified botulinum toxin that does not contain human or animal-based components. Revance has successfully completed a Phase 3 program for DaxibotulinumtoxinA for Injection in glabellar (frown) lines and is pursuing U.S. regulatory approval in 2020. Revance is also evaluating DaxibotulinumtoxinA for Injection in the full upper face, including glabellar lines, forehead lines and crow’s feet, as well as in three therapeutic indications - cervical dystonia, adult upper limb spasticity and plantar fasciitis. To accompany DaxibotulinumtoxinA for Injection, Revance has built a unique portfolio of premium products and services for U.S. aesthetics practices, including the RHA® Collection of dermal fillers in the U.S., the first and only range of FDA-approved fillers for correction of dynamic facial wrinkles and folds, and the HintMD fintech platform, which includes integrated smart payment, subscription and loyalty digital services. Revance has also partnered with Mylan N.V. to develop a biosimilar to BOTOX®, which would compete in the existing short-acting neuromodulator marketplace. Revance is dedicated to making a difference by transforming patient experiences. For more information or to join our team visit us at www.revance.com.
This press release contains forward-looking statements which include, but are not limited to, statements regarding the related benefits of the HintMD platform and related technologies to Revance and the combined business, and potential market opportunity. These forward-looking statements are subject to the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Revance’s expectations and beliefs regarding these matters may not materialize. Actual outcomes and results may differ materially from those contemplated by these forward-looking statements as a result of uncertainties, risks and changes in circumstances, including but not limited to risks and uncertainties related to the ability of Revance to timely and successfully achieve the anticipated benefits of the transaction. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included under the caption "Risk Factors" and elsewhere in Revance’s most recent filings with the SEC, including Revance’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 and any subsequent reports on Form 10-K, Form 10-Q or Form 8-K filed with the SEC from time to time and available at www.sec.gov. These documents can be accessed on the Revance Investor Relations page at https://investors.revance.com/ by clicking on the link titled "Financials and Filings." The risks and uncertainties may be amplified by the COVID-19 pandemic, which has caused significant economic uncertainty. The extent to which the COVID-19 pandemic impacts Revance’s and HintMD’s businesses, operations, and financial results, including the duration and magnitude of such effects, will depend on numerous factors, which are unpredictable, including, but not limited to, the duration and spread of the outbreak, its severity, the actions to contain the virus or treat its impact, and how quickly and to what extent normal economic and operating conditions can resume.
The forward-looking statements included in this communication are made only as of the date hereof. Revance assumes no obligation and does not intend to update these forward-looking statements, except as required by law.
"Revance Therapeutics" and the Revance logo are registered trademarks of Revance Therapeutics, Inc.
Resilient Hyaluronic Acid® and RHA® are trademarks of TEOXANE SA.
BOTOX® is a registered trademark of Allergan, Inc.