Reva Medical (ASX:RVA) said today that it closed the 2nd tranche of its $34.6 million financing round. The company issued $47.1 million convertible notes, 2,119,500 options for the purchase of common stock and repurchased $12.5 million of its common stock from 1 unnamed investor.
The San Diego, Calif.-based company’s 1st commercial product is its Fantom sirolimus-eluting bioresorbable coronary scaffold. The device won CE Mark approval in the European Union in April.
“We are grateful to our investors for their participation and support in this financing, as it provides the needed capital for our near and longer-term operating plans,” CEO Reggie Groves said in prepared remarks. “The timing of the funding coincides with our commercial launch of Fantom, which is the most advanced bioresorbable scaffold available to treat patients suffering from coronary artery disease, and our initiation of the expanded clinical trials of Fantom.”
Reva is just the latest entrant into the European biodegradable coronary stent market, joining Abbott (NYSE:ABT), Biotronik and Elixir Medical.
Abbott won CE Mark approval for its Absorb stent in 2011 and 3 years later, Elixir was granted European regulatory approval for its fully-bioresorbable coronary scaffold, DESolve. Biotronik won CE Mark approval for its Magmaris stent last year.
Abbott’s fully-biodegradable Absorb stent won FDA approval in July last year, making it the 1st fully-dissolving stent commercially available in the U.S. for the treatment of coronary artery disease.
