REVA Medical Inc. Closes A$85 Million IPO
12/21/2010 6:42:19 AM
SAN DIEGO and SYDNEY, Australia, Dec. 21, 2010 (GLOBE NEWSWIRE) -- REVA Medical, Inc. (ASX:RVA - News) ("REVA" or the "Company") is pleased to announce that its Initial Public Offering (the Offer) has closed and that the Company has raised A$85,000,003.
The Lead Manager to the Offer was boutique Sydney based Investment Bank, Inteq Limited. Southern Cross Securities Limited and Taylor Collison Limited acted as Lead Brokers.
The Offer was conducted by way of a US Prospectus filed with the United States Securities & Exchange Commission and an Australian Prospectus and Supplementary filed with the Australian Securities & Investments Commission.
REVA issued 7,727,273 new shares of common stock representing 77,272,730 CHESS Depositary Interests, or CDIs, priced at A$1.10 per CDI. The ratio of CDIs to common stock is 10:1.
REVA is also pleased to confirm that the Australian Securities Exchange (ASX) has granted approval, subject to certain conditions, for REVA to list on the ASX and have its CDIs start trading from 11.30am on Thursday 23 December 2010 (AEDT). The ASX stock code is "RVA".
REVA is a development stage medical device company focused on the development and eventual commercialisation of its proprietary, bioresorbable stent products. REVA's lead product, the ReZolve(TM) stent, combines REVA's proprietary stent design, with a proprietary polymer that is metabolised and cleared from the body. The ReZolve(TM) stent is designed to offer full x-ray visibility, clinically relevant sizing and a controlled and safe resorption rate. In addition, by early encapsulation of the stent in the artery tissue coupled with the loss of stent structure over time, the ReZolve(TM) stent 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. REVA is in the process of finalising the design of its ReZolve(TM) stent and intends to initiate a pilot human clinical trial in the second quarter of 2011.
The REVA Medical, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=8505
This announcement contains forward-looking statements that are based on management's beliefs, assumptions and expectations and on information currently available to management. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future are forward-looking statements, including without limitation our expectations with respect to regulatory submissions and approvals such; our expectations with respect to our clinical trials, including enrolment in or completion of our clinical trials; our expectations with respect to the integrity or capabilities of our intellectual property position; our ability to commercialize our existing products; our ability to develop and commercialize new products; and our estimates regarding our capital requirements and financial performance, including profitability. Management believes that these forward-looking statements are reasonable as and when made. You should not place undue reliance on forward-looking statements because they speak only as of the date when made. REVA does not assume any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. REVA may not actually achieve the plans, projections or expectations disclosed in forward-looking statements, and actual results, developments or events could differ materially from those disclosed in the forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, described in "Risk Factors" in our Registration Statement on Form S-1 declared effective by the United States Securities and Exchange Commission (the "SEC") on November 15, 2010. We may update our risk factors from time to time in "Part II, Item 1A. Risk Factors" in our Periodic Reports or other current reports filed with the SEC.