- REVA Medical (OTC:RVALL) launches its direct selling activities supporting its Fantom drug-eluting coronary scaffold after Boston Scientific allowed its exclusive right to negotiate for distribution to expire as specified under their 2007 agreement. The latter's election window was triggered earlier this year when REVA delivered positive clinical data supporting the performance of the device.
- The company has hired Joann Lofgren Yao from Abbott Vascular to lead its marketing effort. Carmelo Mastrandrea was appointed VP, Europe on August 1. Three customer contracts have been signed thus far with more than 10 more in various stages of negotiations.
- CEO Reggie Groves says, “It appears that the timing and economics of the proposed arrangement led to BSC’s decision not to exercise their right to negotiate. We are pleased to retain complete control of the marketing and distribution for Fantom, and any of our future scaffolds. This allows us to have the latitude to drive product positioning and distribution, and customer relationships. The market’s reaction to our launch has been very supportive and we are optimistic that Fantom will fulfill the market’s desire for bioresorbable coronary scaffolds.”