By Christopher Zinsli
Of DOW JONES VENTUREWIRE
REVA Medical Inc., a stent developer registered for an initial
public offering on the Australian Securities Exchange, has added
the former chief executive of PricewaterhouseCoopers to its board,
according to the company's latest prospectus.
James J. Schiro, who took the helm of the accounting giant in
1998 and more recently led Zurich Financial Services AG (ZFSVY,
ZURN.VX), became the sixth director of San Diego-based REVA this
month, the prospectus said. Schiro also is a director of Goldman
Sachs Group Inc. (GS) and PepsiCo Inc. (PEP).
REVA plans to raise about A$70 million ($69.1 million) through
an offering of Chess depositary interests to develop its
bioresorbable ReZolve stent. The company needs to raise at least
$50 million by Dec. 7, or else its marketing partner Boston
Scientific Corp. (BSX) could exercise an option to acquire the
company.
Investors in REVA include venture firms Domain Associates LLC
and Saints Capital, and hedge-fund firms Brookside Capital Partners
and Cerberus Capital Management LP.
The company also said in the prospectus that it was awarded a
$700,000 grant from the U.S. Treasury Department's Qualifying
Therapeutic Discovery Project.
(This story was also published in Dow Jones VentureWire, a daily
publication that covers news about start-ups and venture
capital.)
-By Christopher Zinsli, Dow Jones VentureWire; 212-416-2034;
christopher.zinsli@dowjones.com