Medical Device company, REVA Medical, Inc. (ASX: RVA) remains voluntarily suspended on the Australian Securities Exchange as it seeks to finalise the funding requirement and future plan of the company.
REVA has today announced the receipt of interim funding commitment amid having discussions with representatives of certain major debt and equity holders to address the company’s financial needs and its outstanding indebtedness and capital structure.
In this announcement dated 25 March 2019, REVA announced that it has secured a $3 million debt financing to fund operations on an interim basis. The funding has been made available via a letter of commitment from an existing lender to the company. However, it remains subject to negotiations and execution of definitive agreements.
- Raymond Larkin, Jr, Chairman of the Board of REVA, stated that REVA has inked financing agreement with the number of its existing debt and equity holders following the comprehensive review by the company’s outside advisors. The arrangements are targeted to fund the company’s near term operations and ensure REVA has sufficient time to pursue long-term financial solutions.
Based in San Diego, California, REVA Medical believes that it is appropriate for its securities to remain voluntarily suspended from trading as it is in discussions about a broader restructure to address its financial requirement which will ensure its ability to continue operations and meet its business objectives going forward.
The company also declared the notable change in the managerial structure of the company, today. It underscores the exit of Chief Executive Officer Reggie Groves and Managing Director Stephen Oesterle from the Board of Directors of REVA Medical.
The release read that Mr Stephen Oesterle will resign from the role of MD to REVA’s Board of Director due to his long-standing commitments, but will continue to support the company in a Strategic Advisory role. Reggie Groves has also stepped down as Chief Executive Officer and as a member of the Board to pursue new opportunities.
Further, Jeff Anderson, Senior Vice President, Clinical & Regulatory Affairs, has been promoted to the role of President of REVA’s Clinical & Regulatory Affairs. Working with REVA since the past 12 years, Jeff has been overseeing the clinical evaluation and regulatory approval for the products of the company, including their commercial launch in several key markets.
REVA Medical is focused on the development of bioresorbable polymer technologies through delivering a unique range of products for the treatment of vascular disease. Its primary product Fantom Encore is currently being sold in Switzerland, Belgium, Germany, Austria, Luxembourg, Italy, the Netherlands, and Turkey and is in the process of commercialising in seven additional countries. REVA is further expected to announce its three-year clinical data at the upcoming EuroPCR meeting.The securities of REVA Medical entered voluntary suspension on 20 February 2019 and is expected to remain suspended from trading until 30 June 2019, i.e., till the release of REVA’s final future plan to the market. RVA last traded at $0.170.
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