Elliott Management and Others Enter Into Agreements to Purchase Existing REVA Shares
SAN DIEGO, March 18, 2012 (GLOBE NEWSWIRE) -- REVA Medical, Inc. (ASX:RVA) ("REVA" or the "Company") is pleased to announce that several institutions have entered into agreements to purchase US$24 million of REVA's outstanding CDIs and shares from certain existing shareholders at a price of A$0.50 per CDI, which is equivalent to A$5.00 per common share, in privately negotiated transactions (the "Transaction"). M.M. Dillon & Co. arranged the Transaction, which is expected to close March 23, 2012. The Company did not issue or sell any additional CDIs or shares in the Transaction. Accordingly, the Transaction did not change the number of the Company's securities quoted on the Australian Securities Exchange.
Elliott Management, a New York investment fund with assets under management of approximately US$19.2 billion, and current shareholders including Medtronic, Inc., the world's largest medical device manufacturer, entered into agreements to purchase the CDIs and shares. Each purchaser independently participated in the Transaction.
This Transaction enabled certain shareholders to attain liquidity for some of their CDIs and shares. There were no sales of CDIs or shares by members of REVA management or REVA's board of directors.
"We welcome Elliott Management as a new and major investor to REVA's strong global shareholder base. Elliott is a prestigious and leading fund with a sterling track record of successful investing," stated Bob Stockman, REVA's Chairman and CEO. "We believe that our investors each recognize the significant opportunity to invest in REVA given the Company's recent clinical trial progress and potential future prospects."
REVA is a development stage medical device company incorporated in Delaware, USA that is focused on the development and eventual commercialisation of its proprietary, bioresorbable stent products. REVA's lead product, the ReZolve®scaffold, combines REVA's proprietary stent design with a proprietary polymer that is metabolized and cleared from the body. The ReZolve scaffold is designed to offer full x-ray visibility, clinically relevant sizing and a controlled and safe resorption rate. In addition, by early encapsulation of the stent in the artery tissue coupled with the loss of scaffold structure over time, the ReZolve scaffold may reduce the incidence of late forming blood clots, or thrombosis, a rare but serious problem associated with drug-eluting metal stents currently on the market. REVA will require clinical results and regulatory approval before it can begin selling the ReZolve scaffold.
The REVA Medical, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=8505
About M.M. Dillon & Co.
M.M. Dillon is a US-based boutique investment bank focused upon growth companies in the healthcare and technology industries. Dillon is involved in the full spectrum of activities in their selected industry segments including: sales, trading, research, banking and investing. Since its formation Dillon has been involved in over $10 billion in financing and advisory transactions. Dillon is based in Stamford, Connecticut, with offices in New York, San Francisco, Los Angeles and Atlanta.
This announcement contains or may contain forward-looking statements that are based on management's beliefs, assumptions and expectations and on information currently available to management. All statements that are not historical, including those statements that address future operating performance and events or developments that we expect or anticipate will occur in the future, are forward-looking statements. You should not place undue reliance on these forward-looking statements. Although management believes these forward-looking statements are reasonable as and when made, forward-looking statements are subject to a number of risks and uncertainties that may cause our actual results to vary materially from those expressed in the forward-looking statements, including our ability to obtain the regulatory approvals required to market our ReZolve scaffold, our ability to timely and successfully complete our clinical trials, our ability to protect our intellectual property position, our ability to commercialize our products if and when approved, our ability to develop and commercialize new products, and our estimates regarding our capital requirements and financial performance, including profitability. Other risks and uncertainties that may cause our actual results to vary materially from any forward-looking statements are described in the "Risk Factors" section of our Annual Report on Form 10-K filed with the United States Securities and Exchange Commission (the "SEC") on February 28, 2012. We may update our risk factors from time to time in our periodic reports or other current reports filed with the SEC. Any forward-looking statements in this announcement speak only as of the date when made. REVA does not assume any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
CONTACT: United States Investor and Media Enquiries: Cheryl Liberatore Director, Investor Relations and Marketing REVA Medical, Inc. +1 858 966-3045 Australia Investor Enquiries: David Allen or Alan Taylor Inteq Limited +61 2 9231 3322 Media Enquiries: Katie Mackenzie or Rebecca Wilson Buchan Consulting +61 3 9866 4722