REVA Medical announced the closing of a $45 million Series B equity financing.
Proceeds from the financing will be used to fund the company's ongoing operating, clinical and capital needs, including the clinical program for its MOTIV Peripheral Vascular Bioresorbable Scaffold.
"We are very pleased to announce the close of this financing," said REVA's President and Chief Executive Offer, Jeffrey Anderson. "The funding we have secured will allow REVA to move forward with our pivotal clinical trial to support FDA approval of our MOTIV peripheral vascular scaffold as well as to obtain FDA clearance of our TyroSphere bioresorbable embolic bead technology."
REVA's MOTIV device represents a breakthrough technology for the treatment of patients suffering from below-the-knee peripheral vascular disease. MOTIV is a drug-eluting bioresorbable peripheral vascular scaffold made from REVA's proprietary Tyrocore polymer that is designed to dissolve over time, leaving the artery free of a permanent implant and thereby allowing the artery to return to its natural movement or "vasomotion."
Due to their temporary nature, bioresorbable stents are commonly referred to as scaffolds. MOTIV's polymer properties also enable complete x-ray visibility of the scaffold when placed in the artery, an attribute unique to REVA among bioresorbable scaffolds. REVA believes that this distinct feature will offer a procedural advantage, as x-ray visibility helps confirm proper placement of the scaffold and is a tool that physicians routinely rely upon when implanting metal stents. Louis A Cannon, MD Founder and Senior Managing Partner of BioStar Capital notes that "200 million patients world-wide are affected by severe arterial disease of the legs. We believe the REVA absorbable scaffold has the potential to reduce limb amputations, and possibly save lives."
In addition to the MOTIV scaffold, REVA is in the final development stages for their TyroSphere embolic bead platform. TyroSphere beads are bioresorbable embolic microspheres designed to treat hypervascular tumors. TyroSphere beads offer both the advantage of safe degradation/resorption and the option of being visible under standard x-ray to aid in precise delivery to the targeted tumor.
