Reva pulls in $11.4m, updates on Fantom II trial enrollment

Reva Medical (ASX:RVA) this month gave an update on its Fantom II trial, which has reached its target enrollment of 110 patients for its 1st cohort, and announced an incoming $11.4 million through a sale of shares to Goldman Sachs International.

The 110 patients make up the 1st cohort of the company’s trial investigating its Fantom sirolimus-eluting bioresorbable coronary scaffold, and bring the total enrollment up to 227 patients. Patients in the 1st cohort are undergoing a 6-month long imaging assessment and data from the subset will be used in the company’s CE Mark application.

“The completion of our targeted enrollment is yet another important milestone for the Company. With this trial and additional trials that we may initiate in the future, our goal is to build a strong foundation of positive clinical data for Fantom that establishes it as a safe and effective treatment for patients suffering from coronary artery disease,” CEO Reggie Groves said in prepared remarks.

Data from patients in the 2nd cohort will be used to provide clinical evidence regarding the use of Fantom to treat coronary artery disease, and will be used for market support and other commercial purposes. Data from the study is slated to be released at the Transcatheter Cardiovascular Therapeutics Conference in October.

Reva also announced that Goldman Sachs International has indicated it plans to exercise an option to purchase up to 4.4 million shares of common stock, bringing in an additional $11.4 million for the company.

The company said the new funds exceed Reva’s near term capital requirements and will supply enough financial resources to commercialize the Fantom device.

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