San Diego-based stent maker REVA Medical has filed for an $85 million IPO on the Australian stock exchange, valuing the company at as much as $345 million. The developer is currently conducting clinical trials of its ReZolve Bioresorbable Coronary Stent, which is designed to support an artery while it heals and then be absorbed into the body. "We expect patients to benefit because, as the stent dissolves, the expansion and contraction of the coronary artery is restored and the artery heals, which should also reduce the need for costly, long-term drug therapy," explained executive chairman Robert Stockman in the company's prospectus. Funding from the IPO will support further clinical trials to achieve approval in Europe by the end of 2013, notes The Australian.
If REVA's IPO fails to hit at least the $50 million mark, the company could be acquired by Boston Scientific, according to the prospectus. The devicemaker also has an option to acquire five-year rights to sell REVA's product, if it is approved.