REVA aims for $85M with IPO

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.

- read The Australian article
- here's the brief from Xconomy

Suggested Articles

Sanofi will look to pull back from its three-year-old relationship with Verily and their virtual diabetes clinic, Onduo.

AstraZeneca is linking up with DeepMatter, a big data firm focused on achieving reproducibility in chemistry, to help improve its compound synthesis.

Boehringer Ingelheim tapped Healx to help identify new drug indications and leverage its AI to explore R&D options in neurological diseases.