On January 4, 2019, REVA Medical, Inc. (ASX: RVA) has made a public announcement that Ms. Leigh Elkolli will become a new CFO (Chief Financial Officer) and Corporate Secretary, which will be effective from today. Earlier Brandi Roberts held the position at REVA’s. She joined REVA in August 2017 until her resignation from the post which is effective from January 4, 2019.
REVA Medical develops and commercializes bioresorbable polymer technologies which are used in vascular applications. The company got listed on ASX in December 2010.
Ms. Elkolli has joined REVA from Avidity Biosciences, where she was Director of Finance. She has also worked with EY, where she spent about seven years in assurance services practice. There she used to deal with both public and private clients, and those clients are from life science and technologies industries.
On December 4, 2018, the company has announced that their Fantom Encore bioresorbable scaffold is used in its first implant procedure in Italy. The company had just launched the Fantom Encore bioresorbable scaffold, and Professor Antonio Colombo did the implant procedure at the Columbus Clinic Center in Milan, Italy.
As commented by Prof. Colombo, he operated a young patient of 53 years old which made him a perfect candidate for the bioresorbable scaffold. Fantom Encore’s have a thin strut profile which improved the outcomes, and it also carries a strength. Due to these features it made the operation easy. Prof. Colombo believes that Fantom Encore will become a significant treatment option for many patients.
According to Reggie Groves, CEO of REVA Medical, “urrently the company is working with Bio Vascular Group as company’s distribution partner so that it can distribute Fantom Encore to every physician and patient in Italy, and it is also entering into new partnerships for exploring more geographical areas in other regions of Europe and Asia that accept CE Mark.
The market for international cardiology in Italy is valued at $220 million, which is one of the largest in Europe. In Italy, circa 150,000 percutaneous coronary intervention procedures are successfully conducted. Bio Vascular Group will help to expand the company’s commercial activities to Italy.
Stock Performance: In the last six months, the price of the company has shown a negative return of 25 percent as on 3 January 2019 and 17.50 percent down over the past One month. On January 4, 2019, REVA Medical, Inc. shares have settled at A$0.165 per share. The market capitalization of the company stood at circa $68.49 Million.
Quarterly Results: As of September 30, 2018, the company had maintained a cash balance of $7.1 million. The company believes that this cash balance will be enough to fund its operating and capital needs through the first quarter of 2019, by assuming the company will achieve certain minimum levels of sales of Fantom and Fantom Encore scaffolds. The company generated the net revenue of $93,000 during the three months ended September 30, 2018, (over the prior which was $17,000).