Revance Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Revance Therapeutics, Inc. (Nasdaq: RVNC) announced the grant of 41,900 inducement restricted stock awards (RSAs) to 15 new employees. These RSAs vest over four years, with 25% vesting on each anniversary of the vesting commencement date. The grants were approved by the Compensation Committee in accordance with NASDAQ Listing Rule 5635(c)(4). Revance specializes in innovative aesthetic and therapeutic products, including its neuromodulator, DaxibotulinumtoxinA for Injection, currently pursuing U.S. regulatory approval after completing Phase 3 trials.

Positive

• Granting 41,900 RSAs to new employees may enhance talent acquisition and retention.
• Completion of Phase 3 program for DaxibotulinumtoxinA for Injection suggests progress towards potential product launch.

Negative

• None.

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 new hire grants totaling an aggregate of 41,900 inducement restricted stock awards (“RSAs”) to 15 employees. The RSAs vest over four years, with 25% of the underlying shares vesting on each of the four anniversaries of the applicable vesting commencement date, subject to the new employee's continued service relationship with Revance through the applicable vesting dates.

The Compensation Committee of Revance’s Board of Directors approved the awards as an inducement material to the new employees’ employment in accordance with NASDAQ Listing Rule 5635(c)(4).

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. 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 two therapeutic indications - cervical dystonia and adult upper limb spasticity. To accompany DaxibotulinumtoxinA for Injection, Revance owns a unique portfolio of premium products and services for U.S. aesthetics practices, including the exclusive U.S. distribution rights to the RHA® Collection of dermal fillers, 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 Viatris 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.

“Revance Therapeutics” and the Revance logo are registered trademarks of Revance Therapeutics, Inc.

RHA resilient hyaluronic acid® and RHA® are trademarks of TEOXANE SA.

BOTOX® is a registered trademark of Allergan, Inc.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201221005231/en/

FAQ

What is the significance of the RSAs granted by Revance Therapeutics (RVNC)?

The RSAs granted to 15 new employees are intended to enhance talent acquisition and retention, aligning employee interests with company performance.

What product is Revance Therapeutics developing that is mentioned in the press release?

Revance is developing DaxibotulinumtoxinA for Injection, a neuromodulator that has already completed Phase 3 clinical trials.

What does the completion of the Phase 3 program mean for RVNC?

The completion of the Phase 3 program indicates that Revance is closer to obtaining U.S. regulatory approval for DaxibotulinumtoxinA for Injection.

How will the RSAs vest for new employees at Revance Therapeutics?

The RSAs will vest over four years, with 25% of the shares vesting on each anniversary of the applicable vesting commencement date.