UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report: December 13, 2019
(Date of earliest event reported)
REVA MEDICAL, INC.
(Exact name of registrant as specified in its charter)
Delaware | 000-54192 | 33-0810505 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
5751 Copley Drive, San Diego, CA | 92111 | |
(Address of principal executive offices) | (Zip Code) |
(858) 966-3000
(Registrants telephone number, including area code)
(Former Name or Former Address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
None | N/A | N/A |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01 Other Events.
On December 13, 2019, REVA Medical, Inc. (the Company) issued a press release announcing certain corporate updates relating to its operations, which press release is attached hereto as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit Number |
Description | |
99.1 | Announcement entitled, Corporate Update. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
REVA Medical, Inc. | ||||||
Date: December 13, 2019 | /s/ Leigh F. Elkolli | |||||
Leigh F. Elkolli | ||||||
Chief Financial Officer and Corporate Secretary |
Exhibit 99.1
Corporate Update
San Diego, California (Friday, 13 December 2019) REVA Medical, Inc. (REVA or the Company) has not been successful in securing additional financing to continue long term operations. The Companys unaudited outstanding current accounts payable is $1.2 million and cash balance is $1.3 million.
The Companys revenue projections for the current fiscal year are less than $0.3 million with growth projected at a modest pace. Projections are based on anticipated sales of the Companys coronary product, Fantom Encore, which was negatively impacted by the European Society of Cardiology guidelines related to the use of bioresorbable scaffolds published in 2018. The guidelines have severely influenced usage of bioresorbable coronary scaffolds and are expected to impact the Companys revenue for the foreseeable future.
The Company continues to look for opportunities to address the Companys outstanding indebtedness and capital structure to continue operations and bring forward nearer-term opportunities in its peripheral and embolic platforms. The Companys anticipated working capital needs through fiscal year 2020 are between $10 and $15 million.
About REVA Medical
REVA Medical is a medical device company focused on the development and commercialization of bioresorbable polymer technologies for vascular applications. The Companys products include the Fantom Encore and MOTIV bioresorbable vascular scaffolds for the treatment of coronary artery disease and below-the-knee peripheral artery disease, respectively. REVA is currently selling Fantom Encore in Germany, Switzerland, Austria, the Netherlands, Belgium, Luxembourg, Italy and Turkey and is in the process of commercializing Fantom Encore in seven additional countries. REVA is based in San Diego, California.
Fantom, Fantom Encore, MOTIV, and Tyrocore are trademarks of REVA Medical, Inc.
Forward-Looking Statements
This announcement contains or may contain forward-looking statements that are based on managements beliefs, assumptions, and expectations and on information currently available to management. All statements that are not statements of historical fact, including those statements that address future operating plans or performance and events or developments that may occur in the future, are forward-looking statements, such as those statements regarding the Companys ability to restructure its outstanding debt and the timing and announcement of any such restructuring. No undue reliance should be placed on
HEAD OFFICE: 5751 Copley Drive, San Diego, CA 92111 +1 (858) 966-3000 +1 (858) 966-3099 (FAX) www.revamedical.com
AUSTRALIAN OFFICE: Suite 4, Level 14, 6 OConnell Street, Sydney NSW 2000 +61 2 9237 2800 7
ARBN 146 505 777 REVA Medical, Inc., is a foreign company incorporated in Delaware, USA, whose stockholders have limited liability
forward-looking statements. Although management believes forward-looking statements are reasonable as and when made, forward-looking statements are subject to a number of risks and uncertainties that may cause actual results to vary materially from those expressed in forward-looking statements, including the risks and uncertainties that are described in the Risk Factors section of our Annual Report on Form 10-K filed with the US Securities and Exchange Commission (the SEC) on March 7, 2018, and as updated in our periodic reports thereafter. Any forward-looking statements in this announcement speak only as of the date when made. REVA does not assume any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Investor & Media Enquiries:
REVA Medical, Inc.
Leigh Elkolli
Chief Financial Officer and Corporate Secretary
+1 858-966-3018
HEAD OFFICE: 5751 Copley Drive, San Diego, CA 92111 +1 (858) 966-3000 +1 (858) 966-3099 (FAX) www.revamedical.com
AUSTRALIAN OFFICE: Suite 4, Level 14, 6 OConnell Street, Sydney NSW 2000 +61 2 9237 2800 7
ARBN 146 505 777 REVA Medical, Inc., is a foreign company incorporated in Delaware, USA, whose stockholders have limited liability