REVA Medical Inc (ASX:RVA) has announced a $US25 million convertible note deal with Goldman Sachs and Senringan Master Fund.
The medical device company says the offer will also include more than 8 million options which, if exercised at $3 per share, would generate around $US23.2 million in additional capital.
The funds will go towards ongoing operational needs but it will also be directed towards clinical testing of the company’s Fantom bioresorbable scaffold.
CEO Bob Stockman says securing this commitment allows REVA to move Fantom forward quickly into a clinical trial and ultimately to market.
REVA Medical reported a net loss of $12.9 million in the first half of the 2014 calendar year.
