Reva Medical (ASX:RVA) said last week that it put a bow on a $25 million debt-and-options round announced last month, as it prepares the clinical groundwork for an application for CE Mark approval in the European Union for its Fantom bioabsorbable stent.
The offering consisted of $25 million in senior unsecured debt and 8.75 million options allowing owners of the senior notes to acquire 1 RVA share, according to a press release.
"We are very pleased to announce the close of this financing," chairman & CEO Bob Stockman said in prepared remarks. "The funding we have secured will allow Reva to move forward with our clinical plans and to take the product through to CE Mark application, which we expect will occur in 2016."
Like other bioabsorbable stents, the Fantom device is a coronary stent designed to dissolve over time.
Unlike similar devices, however, the polymer used to create the Fantom stent is visible under X-ray, "an attribute unique to Reva among bioresorbable scaffolds," according to the release.
Reva Medical in 2010 raised $84.8 million in an initial public offering in Australia.