Reva plans $40m convertible note offering

Reva Medical (ASX:RVA) said yesterday that it’s planning a $40 million convertible note offering with several institutional and 1 undisclosed corporate investor to fund the company’s ongoing needs, including the clinical development of its Fantom sirolimus-eluting bioresorbable coronary scaffold.

Upon issuance of the convertible notes, the company is slated to receive $32.5 in net cash proceeds from committed investors. According to the deal, Reva can issue up to an additional $7.5 million of convertible notes.

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