REVA closes $63M Aussie IPO

REVA Medical has raised $63 million ($85 million Australian) in an IPO on the Australian Stock Exchange. The developer issued about 7.7 million shares of stock at $1.10 Australian a piece, notes MassDevice.

The company makes a a bioresorbable coronary stent, called ReZolve, that is designed to fulfill the temporary need for a stent and then fade away. According to the company, "early encapsulation of the stent in the artery tissue coupled with the loss of stent structure over time...may reduce the incidence of late forming blood clots, or thrombosis, a rare but serious problem associated with drug-eluting metal stents currently on the market. ReZolve has yet to be tested in humans, but clinical trials of the technology slated to begin in 2011. Prior to its IPO, REVA raised about $57 million in venture capital from investors Domain Partners, Cereberus Capital Management, Brookside Capital, and Group Outcome.

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