Founded in 1998, REVA Medical, Inc. ("REVA" or the "Company") is dedicated to developing minimally invasive medical devices that leverage our proprietary technologies. Guided by an executive management team with extensive product development experience and working closely with skilled interventional cardiologists in multiple countries, our primary focus is the development of drug-eluting bioresorbable coronary scaffolds for the treatment of cardiovascular disease, the leading cause of death worldwide.
REVA is a U.S. company incorporated in Delaware, whose stockholders have limited liability. The Company completed an initial public offering of CHESS Depository Interests ("CDIs") and began trading on the Australian Securities Exchange ("ASX") under the symbol "RVA:AU" in December 2010. REVA is headquartered in San Diego, California (ARBN 146 505 777).
Bioresorbable scaffolds provide an alternative to metal stents, which are small, tube-like devices permanently implanted into an artery, and are commonly used to treat coronary artery disease. Both stents and scaffolds help stabilize diseased coronary arteries by propping them open and restoring blood flow. They provide a minimally invasive and effective treatment, avoiding the need for patients to undergo invasive bypass (i.e., open-heart surgery) procedures.
Bioresorbable scaffolds are designed to provide all of the proven benefits of commercial metal stents, with the advantage of resorbing (i.e., disappearing) from the body over a period of time after the artery has stabilized and healed. Scaffolds maintain their strength during the critical healing period, which is generally believed to be approximately three to four months after implant. As the scaffold resorbs the artery is able to move naturally, a result not attainable with metal stents that are permanent and may continue to cause injury to the artery. Because bioresorbable scaffolds are not permanent, they may delay the further progression of coronary artery disease and reduce the rate of future adverse clinical events, potential benefits that have yet to be proven. Bioresorbable scaffolds also allow for enhanced retreatment options by reducing restrictions on future treatment, and are inherently more appealing, especially to younger patients.
Cardiovascular Stent Market Potential
In 2016, approximately 5.3 million stents were implanted around the world and coronary stent sales were estimated at nearly US$4 billion. The coronary stent market is currently dominated by sales of drug-eluting and bare (non-drug coated) metal stents that restore blood flow to blocked arteries and remain in the heart permanently. As an alternative to permanent metal stents, bioresorbable scaffolds were introduced in markets outside the United States in 2013. Bioresorbable scaffolds perform the same acute function as permanent metal stents; however, over a period of time they fully resorb from the body, leaving the patient free of a permanent implant. Bioresorbable scaffolds generated approximately US$130 million in revenues in 2016, and revenues are projected to reach nearly US$300 million by 2019. Further advancements in the performance of bioresorbable scaffolds, as well as improved clinical outcomes if proven, may enable even greater market potential and have a significant positive impact on the future of cardiovascular care by providing patients and physicians with a more appealing treatment option.