
Reva Medical Inc. reeled in $84.8 million in an initial public offering in Australia.
The San Diego-based bioresorbable stent developer’s shares are slated to begin trading on the Australian Securities Exchange under the RVA symbol Dec. 23.
Reva issued about 7.7 million new shares of common stock at $1.10 Australian, according to the company.
Reva filed for the IPO with both the U.S. Securities & Exchange Commission and the Australian Securities & Investments Commission. The amount the Reva netted is equal to $85 million Australian dollars.
Reva’s flagship product, which has yet to be tested in humans, is the ReZolve polymer stent designed to be "metabolized and cleared from the body." Reva said it intends to begin a pilot human clinical trial in the second quarter of 2011.