Monday, December 10, 2007

REVA Medical Raises $42M

San Diego-based REVA Medical said Monday afternoon that it has raised $42M in a private financing round. The firm, which is developing bioresorbable stents for treating arterial disease, said that the round was led by Cerberus Capital Management and Brookside Capital. Brookside is an affiliate of private equity firm Bain Capital. Pequot Management, Medtronic, Domain Partners, and Group Outcome LLC also participated in the round. REVA said that the proceeds of the round will go towards development and clinical testing of its products. The firm also said that Boston Scientific continues to maintain an equity position in the company; Boston Scientific has an exclusive option to distribute the firm's products. More information »