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

Rhea-AI Summary

Revance Therapeutics, Inc. (Nasdaq: RVNC) granted 6,601 inducement restricted stock awards (RSAs) to a new employee. The RSAs will vest over four years, with 25% vesting each anniversary, contingent on the employee's continued service. This award was approved by the Compensation Committee of Revance's Board in compliance with NASDAQ Listing Rule 5635(c)(4). Revance specializes in innovative neuromodulator products, notably DaxibotulinumtoxinA for Injection, which is under U.S. regulatory review after a successful Phase 3 program for glabellar lines.

Positive

• Approval of 6,601 inducement RSAs reflects commitment to attracting talent.
• Successful completion of Phase 3 program for DaxibotulinumtoxinA enhances market position.
• Potential for DaxibotulinumtoxinA to gain U.S. regulatory approval, aiming for competitive market presence.

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 6,601 inducement restricted stock awards (“RSAs”) to 1 employee. 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 employee’s 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 (formerly 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.

“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.

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FAQ

What new stock awards were announced by Revance Therapeutics on [date]?

Revance Therapeutics announced 6,601 inducement restricted stock awards (RSAs) granted to a new employee.

How do the RSAs vest for the new employee at Revance?

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

What product is Revance Therapeutics focused on for regulatory approval?

Revance is focused on gaining U.S. regulatory approval for its neuromodulator product, DaxibotulinumtoxinA for Injection.

What committee approved the stock awards at Revance?

The awards were approved by the Compensation Committee of Revance’s Board of Directors.

What is the significance of NASDAQ Listing Rule 5635(c)(4) for Revance?

This rule allows Revance to grant inducement RSAs as a material incentive for new employees.