Reva Medical to Market Its Fantom Drug-Eluting Bioresorbable Scaffold as Boston Scientific’s Distribution Option Expires
August 7, 2017—Reva Medical, Inc. announced the expiration of Boston Scientific Corporation's exclusive right to negotiate for distribution of Reva Medical's coronary and peripheral bioresorbable scaffolds. Boston Scientific's right to negotiate was available under a 2007 agreement that would have required Boston Scientific to pay Reva Medical 50% of the average selling price on all product sales. Other commercial terms of a distribution agreement had not yet been negotiated.
According to Reva Medical, Boston Scientific's election window was triggered earlier this year when Reva Medical delivered an extensive set of clinical data supporting the performance of Fantom, the company's drug-eluting bioresorbable coronary scaffold. With expiration of the distribution option, all aspects of the 2007 agreement are now concluded.
In April, Reva Medical, which is based in San Diego, California, announced it had received European CE Mark approval for the Fantom coronary scaffold, its first commercial product. Reva Medical's direct selling effort is now underway, including the recent appointment of key executives to lead the sales and marketing initiative.