NEWARK, Calif.--(BUSINESS WIRE)--Revance Therapeutics, Inc. (NASDAQ:RVNC), a biotechnology company developing neuromodulators for use in treating aesthetic and therapeutic conditions, today announced that it has strengthened its leadership team with the appointment of Tobin C. Schilke as chief financial officer, effective November 5th. Mr. Schilke will report to Dan Browne, president and chief executive officer.
“Toby is a great steward of financial integrity, bringing significant value and global business insights. He has raised capital, completed mergers and acquisitions (M&A) and led operating finance organizations to support commercial activities for global biopharma businesses. We are thrilled to add Toby to our executive team, as we focus on our regulatory filings in the U.S. and internationally and enter our next critical phase of growth,” said President and Chief Executive Officer Dan Browne. “Toby is analytical, has a strong work ethic and possesses the financial and technical experience to help us accomplish our goals.”
Mr. Schilke is a proven leader in the global biopharma arena, with 20 years of experience. He joins Revance from Achaogen, Inc., where he was chief financial officer since 2016. While at Achaogen, he raised more than $300 million in capital and built out Achaogen’s teams and capabilities in financial planning and analysis (FP&A), accounting, procurement, IT and facilities management. Prior to Achaogen, he spent 13 years at Roche/Genentech in a variety of senior finance and operational roles including CFO of Roche Products Limited in the United Kingdom, director of commercial FP&A for Genentech's BioOncology business, and M&A project manager for a number of successful acquisition, spin-out and business development deals for Roche.
Mr. Schilke holds a Master of Business Administration from Cornell University, a Master of Science in Chemical Engineering from University of California, Berkeley and a Bachelor of Science in Chemical Engineering from Lafayette College.
“I am honored and incredibly excited to join Revance at this pivotal moment in its growth. RT002 is a unique and versatile neuromodulator with differentiated clinical data and Dan has assembled a stellar organization to bring it to market,” said Mr. Schilke. “I look forward to working with the team and stakeholders to build Revance into a leader in the field.”
In connection with Mr. Schilke 's employment agreement as chief financial officer of Revance, the Compensation Committee of Revance’s Board of Directors has approved the grant of inducement awards pursuant to Rule 5635(c)(4) of the NASDAQ Listing Rules. Mr. Schilke’s inducement awards consist of a stock option to purchase 100,000 shares of Revance common stock and 18,000 shares of restricted Revance common stock. Mr. Schilke's options will vest over a period of four years, with 25% vesting on November 5, 2019, and the balance vesting each month over the remaining three years. Mr. Schilke’s restricted stock will vest over a period of four years starting December 15, 2018, with 25% vesting on each anniversary. These awards are subject to the terms and conditions of Revance's Amended and Restated 2014 Inducement Plan, as adopted by the Revance Board of Directors on December 11, 2015. These awards are effective on Mr. Schilke’s first day of employment with Revance, anticipated to be November 5, 2018. The exercise price of the options will be the closing price of Revance common stock on the NASDAQ Global Market on such date.
About Revance Therapeutics, Inc.
Revance Therapeutics is an emerging Silicon Valley biotechnology leader developing neuromodulators for the treatment of aesthetic and therapeutic conditions. Revance uses a unique proprietary, stabilizing excipient peptide technology to create novel, differentiated therapies. The company’s lead compound, DaxibotulinumtoxinA for Injection (RT002), is in clinical development for a broad range of aesthetic and therapeutic indications, including glabellar lines, cervical dystonia, plantar fasciitis, upper limb spasticity and chronic migraine. RT002 has the potential to be the first long-acting neuromodulator. The company is advancing a robust pipeline of injectable and topical formulations of daxibotulinumtoxinA. More information on Revance may be found at www.revance.com.
“Revance Therapeutics” and the Revance logo are registered trademarks of Revance Therapeutics, Inc.
This press release contains forward-looking statements, including statements related to current and anticipated future clinical development of our investigational drug product candidates; statements about our business strategy, timeline and other goals and market for our anticipated products, plans and prospects; and potential benefits of our drug product candidates and our technologies.
Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from our expectations. These risks and uncertainties include, but are not limited to: the outcome, cost, and timing of our product development activities and clinical trials; the uncertain clinical development process, including the risk that clinical trials may not have an effective design or generate positive results; our ability to obtain and maintain regulatory approval of our drug product candidates; our ability to obtain funding for our operations; our plans to research, develop, and commercialize our drug product candidates; our ability to achieve market acceptance of our drug product candidates; unanticipated costs or delays in research, development, and commercialization efforts; the applicability of clinical study results to actual outcomes; the size and growth potential of the markets for our drug product candidates; our ability to successfully commercialize our drug product candidates and the timing of commercialization activities; the rate and degree of market acceptance of our drug product candidates; our ability to develop sales and marketing capabilities; the accuracy of our estimates regarding expenses, future revenues, capital requirements and needs for financing; our ability to continue obtaining and maintaining intellectual property protection for our drug product candidates; and other risks. Detailed information regarding factors that may cause actual results to differ materially from the results expressed or implied by statements in this press release may be found in Revance's periodic filings with the Securities and Exchange Commission (the "SEC"), including factors described in the section entitled "Risk Factors" of our quarterly report on Form 10-Q filed on August 3, 2018. These forward-looking statements speak only as of the date hereof. Revance disclaims any obligation to update these forward-looking statements.