Revance Therapeutics Announces Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)
NEWARK, Calif., Sept. 2, 2014 (GLOBE NEWSWIRE) -- Revance Therapeutics, Inc. (Nasdaq:RVNC), a biopharmaceutical company developing botulinum toxin products for use in aesthetic and therapeutic indications, today announced that the Compensation Committee of its Board of Directors granted an inducement award pursuant to Rule 5635(c)(4) of the NASDAQ Listing Rules to Dr. Arthur P. Bertolino in connection with his employment as the Executive Vice President and Chief Medical Officer of Revance.
Revance previously announced the appointment of Dr. Bertolino to the role of Executive Vice President and Chief Medical Officer on August 12, 2014 and Dr. Bertolino's employment with Revance began today, September 2, 2014. In connection with the employment agreement with Dr. Bertolino, Dr. Bertolino's inducement awards consist of a stock option to purchase 118,125 shares of Revance common stock and 39,375 shares of restricted Revance common stock. Dr. Bertolino's options will vest over a period of four years, with 25% vesting on September 2, 2015 and the balance vesting each month over the remaining three years. Dr. Bertolino's restricted stock also vests over a period of four years, with 25% vesting annually. These awards are subject to the terms and conditions of Revance's 2014 Inducement Plan, as adopted by the Revance Board of Directors on August 26, 2014. These awards are effective on September 2, 2014, Dr. Bertolino's first day of employment with Revance, and the exercise price of the options will be today's closing price of Revance common stock on the NASDAQ Global Market. These awards were granted as an inducement material to Dr. Bertolino's employment pursuant to Rule 5635(b)(4) of the NASDAQ Listing Rules.
About Revance Therapeutics, Inc.
Revance is a specialty biopharmaceutical company focused on the development, manufacturing and commercialization of novel botulinum toxin products for multiple aesthetic and therapeutic applications. Revance is leveraging its proprietary portfolio of botulinum toxin compounds combined with its patented TransMTS® peptide delivery system to address unmet needs in the large and growing aesthetic and therapeutic botulinum toxin market. Revance's proprietary TransMTS® technology enables transcutaneous delivery of botulinum toxin A, eliminating the need for injections. Revance's lead product candidate, RT001, is a topical formulation of botulinum toxin type A, which has the potential to be the first commercially-available non-injectable dose form. RT001 is being evaluated in a broad clinical program that includes aesthetic indications such as crow's feet lines (wrinkles around the eyes) and therapeutic indications such as hyperhidrosis (excessive sweating) and migraine headache. Revance's second product candidate is RT002, a novel injectable formulation of botulinum toxin type A designed to be more targeted and longer lasting than currently available botulinum toxin injectable products.
"Revance Therapeutics", TransMTS® and the Revance logo are registered trademarks of Revance Therapeutics, Inc.
For more information, please visit: www.revance.com.
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