Reva Medical Closes Financing to Support Motiv Clinical Program

August 9, 2022—Reva Medical, LLC. announced the closing of a $45 million Series B equity financing. Proceeds from the financing will be used to fund the company’s ongoing operating, clinical, and capital needs, including the clinical program for its Motiv peripheral vascular drug-eluting bioresorbable scaffold.

According to Reva Medical, the Motiv device is intended for the treatment of patients with below-the-knee peripheral vascular disease. Motiv is composed of Reva’s Tyrocore polymer, which is designed to dissolve over time, leaving the artery free of a permanent implant and thereby allowing the artery to return to its natural movement or vasomotion. Motiv’s polymer properties also enable complete x-ray visibility of the scaffold when placed in the artery.

The Motiv device received CE Mark approval in 2018 and is available in select countries in Europe and the Middle East. Motiv is not available in the United States or other countries that do not accept CE Mark.

In addition to the Motiv scaffold, Reva is in the final development stages for the TyroSphere embolic bead platform. TyroSphere beads are bioresorbable embolic microspheres designed to treat hypervascular tumors while providing both safe degradation/resorption and the option of being visible under standard x-ray to aid in precise delivery to the targeted tumor, noted the company.

This funding was led by a global strategic investor experienced in medical devices, as well as BioStar Capital and existing investors.

“We are very pleased to announce the close of this financing,” stated Reva’s President and Chief Executive Offer, Jeffrey Anderson, in the company’s press release. “The funding we have secured will allow Reva to move forward with our pivotal clinical trial to support FDA approval of our Motiv peripheral vascular scaffold as well as to obtain FDA clearance of our TyroSphere bioresorbable embolic bead technology.”