July 22, 2017 11:45 AM ET

Healthcare Equipment and Supplies

Company Overview of REVA Medical, Inc.

Company Overview

REVA Medical, Inc., a medical device company, focuses on the commercialization of minimally invasive medical devices for the treatment of conditions in the human body. It is developing Fantom, a drug-eluting bioresorbable stent to treat vascular disease in humans. The company was formerly known as MD3, Inc. and changed its name to REVA Medical, Inc. in March 2002. REVA Medical, Inc. was founded in 1998 and is headquartered in San Diego, California.

5751 Copley Drive

San Diego, CA 92111

United States

Founded in 1998

60 Employees

Phone:

858-966-3000

Fax:

858-966-3099

Key Executives for REVA Medical, Inc.

Chief Executive Officer & Director
Age: 59
Total Annual Compensation: $395.0K
President and Chief Operating Officer
Age: 61
Total Annual Compensation: $349.0K
CFO, Principal Accounting Officer & Company Secretary
Age: 58
Total Annual Compensation: $284.0K
Senior Vice President of Clinical and Regulatory Affairs
Age: 50
Total Annual Compensation: $283.0K
Senior Vice President of Operations
Age: 55
Total Annual Compensation: $230.8K
Compensation as of Fiscal Year 2016.

REVA Medical, Inc. Key Developments

REVA Medical, Inc. Completes Reduction in its Workforce

On July 13, 2017, REVA Medical, Inc. announced and completed a reduction in its workforce in connection with the commercialization of its Fantom® scaffold. A total of 11 full-time employees were let go, with 49 full-time employees remaining, in the transition from research and development activities to commercial activities. The company estimates that it will incur aggregate cash charges of approximately $420,000 associated with the workforce reduction, comprising approximately $410,000 in severance payments and approximately $10,000 in continuation of benefits. Of these severance payments, approximately $385,000 is anticipated to be paid during the company’s current fiscal quarter and the remainder is expected to be paid by early January 2018.

REVA Medical, Inc. Announces Management Changes

REVA Medical, Inc. announced the hiring of a new chief financial officer, a vice president of European sales, and the appointment of a new director to its board. These changes signal the shift in focus to commercial roll out of Fantom, which has commenced in Europe. As part of these changes, the Company also announced the retirement of two long-serving executives and one board member. Brandi Roberts will become Senior Vice President and Chief Financial Officer, effective August 28, 2017. Ms. Roberts will replace Katrina Thompson who will be retiring. Robert Schultz, the company's President and Chief Operating Officer is also retiring. Carmelo Mastrandrea will become Vice President of European Sales, effective August 1, 2017. The company also announced the appointment of Ray Larkin to its board of directors to fill the vacancy created by the retirement of Gordon E. Nye who is stepping down after serving on the board since the company's founding in 1999. Ms. Roberts has over 20 years of public accounting and finance experience, including 18 years at publicly traded pharmaceutical, medical technology, and life science companies. Ms. Roberts most recently served as Chief Financial Officer at Mast Therapeutics, Inc. Carmelo Mastrandrea brings 17 years of experience in sales, including over ten years in cardiovascular medical devices. Prior to joining REVA, he most recently served as General Manager for Biosensors Europe SA's business in the D-A-C-H region (Germany, Austria, and Switzerland). Mr. Larkin currently serves as board chair of Align Technology and recently served as board chair of Heartware, Inc. prior to its acquisition by Medtronic, plc. Previously, he was a part time venture partner at Cutlass Capital, and Chief Executive Officer at Eunoe, Inc. and Nellcor Puritan Bennett, Inc. Mr. Larkin received his B.S. in Industrial Management from LaSalle University and is a former captain in the United States Marine Corps.

REVA Medical, Inc. Announces Board Changes

REVA Medical, Inc. announced the changes to its board of directors that became effective at the 2017 Annual General Meeting of Stockholders which was held 1 June 2017. The company's Class I directors, consisting of two individuals elected to serve for a period of three years until their respective successors are elected and qualified, were up for election at the Annual Meeting. The company's Board unanimously nominated Brian H. Dovey, the Chairman of the Board and a continuing Class I director, for reelection and Ms. Regina Groves, the company's Chief Executive Officer who was previously not a director, for election at the Annual Meeting. Both individuals were elected by a plurality of the stockholder votes cast at the meeting and, therefore, Mr. Dovey continues as a Class I director and Ms. Groves joined as a Class I director effective June 1, 2017. Ms. Anne Keating, the former Class I director whose term expired at the Annual Meeting previously notified the company that she would not be submitting for reelection and would retire as a director on and from the Annual Meeting. Her retirement became effective at the Annual Meeting.

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