| || |
Elliott Management and Others Enter into
Agreements to Purchase Existing REVA Shares
San Diego, California (Sunday, March 18, 2012, PDT) - 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.
About M.M. Dillon & Co.
M.M. Dillon & Co. is an employee-owned investment banking partnership where industry and product specialists collaborate to provide creative, idea-driven advice and solutions to its institutional and corporate clients. M.M. Dillon offers public and private financing, M&A advisory and restructuring advisory services. M.M. Dillon's team of experienced professionals provides execution capabilities for companies across a range of industry sectors. The firm's senior banking professionals have a minimum of 20 years of experience with major Wall Street firms.
M.M. Dillon & Co.
Michiel McCarty, 203-569-6823
Caris & Company
Darren Caris, 917-464-1601
| || |