Reva Raises $85M in Australian IPO

Xconomy San Diego — 

San Diego’s Reva Medical says its stock is expected to begin trading tomorrow on the Australian Securities Exchange under the ticker symbol RVA after the medical device company raised almost $85 million in its initial public offering. Reva says it issued more than 7.7 million new shares of common stock, which represents nearly 77.3 million CHESS Depository Interests, or CDIs, at $1.10 per CDI (a type of security that enables international companies to trade on the Australian exchange). Reva, which we profiled in 2009, says it will use the proceeds to continue development of its absorbable ReZolve stent, including clinical trials.