The formerly publicly traded firm, which emerged from a pre-packaged bankruptcy in 2020, will use the money to push its technology toward clinical trials.
Reva Medical, which is developing naturally absorbing stents for the lower legs, said last week that it had raised $45 million in a second round of investment funding.
Because they’re not permanent and absorb over time, bio-resorbable stents are commonly referred to as scaffolds. MOTIV targets patients suffering from below-the-knee peripheral vascular disease. “We are only able to disclose that they are a global strategic investor with deep experience in the medical device sector,” said Anderson in an email.Reva Medical did name BioStar Capital as secondary financial backer in the funding round.
Absorbable scaffolds were introduced about a decade ago as an alternative to metal stents. But problems arose around safety and effectiveness. Abbott pulled its Absorb-brand scaffold off the market in 2017 amid poor sales and negative publicity. Overall demand dried up.
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