Reva Medical (ASX:RVA) said this week that it plans to cut its workforce by 44%, leaving 22 employees at the San Deigo-based company.
In a statement, Reva CEO Reggie Groves cited current market conditions as the primary reason for the staffing reduction.
“While we continue to see strong interest in Fantom Encore and are excited about our potential with Motiv, the near-term outlook remains tempered by the current European Society of Cardiology Guidelines for the use of bioresorbable scaffolds in treating coronary artery disease. This reduction ensures that we are managing our expenses prudently while ensuring our ability to continue to serve our customers,” Groves added.
The company’s Fantom Encore and Motiv bioresorbable scaffolds are designed to treat coronary artery disease and below-the-knee peripheral artery disease, respectively.
In December, Reva touted the first implant of Fantom Encore in Italy. Also last year, the company launched its Fantom Encore device in Europe and landed CE Mark approval for its Motiv scaffold.
Sounds like they’re shutting down.