ReVivo Medical has announced that in an effort to attract more investor funding in the future, it has changed its entity classification from a limited liability company to a Delaware corporation. Additionally, the company reports its intention for an upcoming clinical trial for its anterior cervical plate and interbody cages.
“Private Equity Funds, Venture Capital and Angel Investor Groups are known to prefer investments in C-Corporations rather than LLCs where they receive K-1s each year making for more complex accounting and reporting,” says Gary Mittleman, president and CEO of ReVivo Medical.
The company reports it is now in the early stages of preparing for an FDA sanctioned clinical trial having raised over (US)$2.6 million to date but will need additional funds to complete the trial. “We expect that by eliminating the accounting issues for potential investors, it will increase our likelihood of attaining the (US)$1 million of funding we seek,” Mittleman added.
According to ReVivo Medical, its clinical study is expected to begin recruiting in late quarter two of 2021. The trial is scheduled to take place at the Albany Medical Center and the Cleveland Clinic. The company further states that study participants will receive ReVivo Medical’s next-generation design anterior cervical plate and interbody cages used in anterior cervical discectomy and fusion procedures.
“Anterior cervical plates and interbody cages are used in over 400,000 surgical procedures each year representing a multi-billion-dollar market,” says Darryl DiRisio, professor of Neurosurgery and A John Popp Chair, Spinal Surgery at Albany Medical Center. “The primary measure of success in these operations is the rapid achievement of bone fusion which thereby stabilises the spine.”
“Our cervical plate and cage implants are designed to improve bone formation and achieve a superior rate and quality of fusion as compared to the commonly used devices of today,” explains Eric Ledet, chief science officer. “Additionally, the designs of our implants incorporate unique features that are intended to make them easier for the surgeon to use.