- 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.
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Source: Biospace
