SAN DIEGO, Dec. 10 /PRNewswire/ -- REVA Medical, Inc., a company developing novel bioresorbable stents to treat arterial disease, today announced it has raised $42 million in a private financing led by Cerberus Capital Management and Brookside Capital, an affiliate of Bain Capital. Also participating in the round are Pequot Management and Medtronic, along with previous investors Domain Partners and Group Outcome LLC. The proceeds will be used to continue the development and clinical testing of REVA's bioresorbable stent products.
"REVA continues to develop what we believe to be the most promising approach for a stent that performs its important function and then safely dissolves," said Bob Stockman, REVA Chairman. "Today, we match a world-class medical investor group with a world-class program. These new funds should provide adequate capital to fund the Company into clinical development that will help position REVA very strongly for the future."
Boston Scientific Corporation (NYSE: BSX) maintains its equity position in the Company and will hold an exclusive option for global distribution for the Company's resorbable coronary and peripheral stent products.
REVA Medical, Inc. is developing interventional medical devices that leverage the Company's novel stent designs and biomaterial technologies to improve the treatment of vascular disease. For more information, please visit http://www.teamreva.com.
SOURCE REVA Medical, Inc.