Highlights from this tale:
- Integrated fintech ecosystem to change current payment processing environments and boost the economics of cosmetic practise as well as patient interactions
- Provides access to a business demand of $500+ million in U.S. cosmetic practise payment systems
Therapeutics Revance, Inc.. (Nasdaq: RVNC), a biotechnology corporation working on novel cosmetic and medicinal offerings, including DaxibotulinumtoxinA for Injection, the investigational neuromodulator product, today announced the completion of its previously announced acquisition of Hint, Inc., a privately operated company trading under the name of HintMD. In the process of the merger, Revance issued a total of 8,572,213 common stock shares to HintMD’s equity investors, comprising 683,200 shares to be held in escrow and rights to buy 801,600 shares issued upon exchange of the presumed HintMD options.
The acquisition of HintMD enhances the powerful cosmetic product portfolio of Revance, helping us to improve both practise and patient experience through a creative fintech platform,” said Mark Foley, Revance’s President and Chief Executive Officer.” “This transaction leverages our current and planned business infrastructure and together with our suite of facial injectables, we believe, expands our U.S. aesthetics market opportunity to more than $2.6 billion.”
The acquisition of HintMD provides Revance with connections through its exclusive, advanced digital services network to an estimated $500-plus million business gap in US aesthetic practise payment services.
In conjunction with the purchase of HintMD, under the Revance 2014 Inducement Programme, Revance awarded special inducement equity awards to retain some former HintMD employees (75 in total) as Revance employees. Revance awarded limited stock awards (RSAs) 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, for a total of 784,496 shares, which contains 57,251 shares. With 25 percent vesting on August 15, 2021, 25 percent vesting on August 15, 2022 and 50 percent vesting on August 15, 2023, the RSAs vest for a period of three years. The equity awards were accepted by the Revance Board of Directors’ Compensation Committee and were given as a material inducement for jobs with Revance.
Article Credits –
#FintechPlatform #AestheticPractices #HintMD #Revance #Innovation #Technology