Reva Medical (ASX:RVA) is reportedly considering listing its shares on the U.S. stock market next year as it gears up to commercialize its Fantom absorbable stent.
Reva, which is based in San Diego, lists its shares on the Australian stock exchange but is mulling a move to the NASDAQ exchange here, founder & chairman Bob Stockman told the Sydney Morning Herald.
A final decision on a U.S. listing due to be made by mid-2016, Stockman said, after the expected release of follow-up data from a pivotal trial in May.
Once cleared for sale, Fantom would compete with Abbott‘s (NYSE:ABT) Absorb stent, which is thicker than Reva’s stent.
“As the little guy with the better product, we have watched what Abbott has done in creating the market. Abbott has been in the market for 3 years, and now doctors are looking for something easier to use,” Stockman said last week. “We’ll look at NASDAQ next year. We’re going to do this around the time we have the additional research results. If you have a credible CEO, the shareholder supporters we have, then people will have to pay attention.”
Reva lured medtech veteran Regina Groves from Medtronic (NYSE:MDT), where she was vice president & general manager of atrial fibrillation solutions, to be its CEO in August.
Reva has an in-principle agreement with Boston Scientific (NYSE:BSX) to distribute Fantom, the newspaper reported. If that deal is not consummated – Boston Scientific has a stake in Amaranth Medical, which is also developing an absorbable stent – Medtronic has its own stake in Reva and could be its U.S. sales partner.
Stockman said Reva would look to hit the European market 1st, given its lower regulatory burden.
