The Reva Medical Inc (ASX: RVA) share price is up 20% or 4 cents to 24 cents today after the US-based medical device hopeful yesterday reported that it has expanded into seven new European countries “with the addition of four new distribution partnerships”.
The company reports it is “focused on the development and commercialisation of bioresorbable polymer technologies for vascular applications”, with products including the Fantom Encore and “MOTIV bioresorbable vascular scaffolds for the treatment of coronary artery disease and below-the-knee peripheral artery disease.”
For the quarter ending September 30 2018 Reva posted an operating cash loss and has a market value around A$83 million according to Commsec. Reva also reports that it’s considering a US stock market listing in 2019.
It claims to have plans to become a $1 billion plus company, but for now its cash flows are negative and its share price is unsurprisingly volatile.