REVA Receives Interim Financing Commitment and Announces Leadership Changes on Australian Stock Exchange: RVA.AX

SAN DIEGO, March 24, 2019 (GLOBE NEWSWIRE) – REVA Medical, Inc. (ASX: RVA) ("REVA" or the "Company") announced today that it has obtained a letter of commitment debt up to $ 3 million funding to finance operations on an interim basis. The funding will be made available to existing lenders by the company. Funding is contingent on the negotiation and signing of final agreements. A new announcement will be made once these agreements are signed.

The financing must meet the immediate financial needs of the company on an interim basis, but the company is continuing its discussions on a broader restructuring aimed at addressing the problem of the company's debt and the structure of its capital (and therefore its ability to continue its activities and to achieve its commercial objectives). While these discussions are ongoing, the Company believes that it is appropriate for its securities to remain voluntarily suspended from trading and this announcement is not intended to lift the voluntary suspension of the Company. At this point, the company expects that the voluntary suspension will continue until the finalization of its wider restructuring project and the possibility for the company to make an announcement to the ASX that , according to the company, will materialize by June 30, 2019.

C. Raymond Larkin, Jr., Chairman of the Board of REVA, said: "After a thorough review with the help of our external advisors, REVA has entered into an agreement with a group of existing debt and equity holders. This funding provides REVA with sufficient time to seek long-term financial solutions that serve the interests of our many constituents, including patients, customers, employees, creditors and shareholders. "

To date, Reggie Groves has stepped down as Chief Executive Officer and Board Member to look for new opportunities. Jeff Anderson has been promoted to the position of President as Senior Vice President, Clinical and Regulatory Affairs. Jeff has been with REVA for 12 years and oversees all aspects of clinical evaluation and regulatory approval of the company's products, as well as commercial launch in several key markets. In addition, Stephen Oesterle, MD, will badume the role of strategic advisor to the company and will leave the board due to long-standing commitments.

Dr. Oesterle said, "I have been involved with and supporting REVA since its inception because I believe strongly in the potential of its unique products for the treatment of vascular diseases. The company will announce its triennial clinical data at the next EuroPCR meeting. I look forward to seeing this data and investing my time and energy to continue to support the company in a strategic consulting role. "

About REVA Medical
REVA Medical is a medical device company specializing in the development and commercialization of bioabsorbable polymer technologies for vascular applications. The company's products include the Fantom Encore and MOTIV bioabsorbable vascular scaffolds, respectively, for the treatment of coronary artery disease and peripheral arterial disease below the knee. REVA currently sells Fantom Encore in Germany, Switzerland, Austria, the Netherlands, Belgium, Luxembourg, Italy and Turkey, and currently markets Fantom Encore in seven other countries. REVA is based in San Diego, California.

Fantom, Fantom Encore, MOTIV and Tyrocore are trademarks of REVA Medical, Inc.

Forward-looking statements
This announcement contains or may contain forward-looking statements that are based on the beliefs, badumptions and expectations of management and the information currently available to management. All statements that are not statements of historical fact, including statements about future plans or results of operations, as well as events or developments that may occur in the future, are forward-looking statements, such as sales, clinical trials, pipeline product development and future financing statements. You should not place undue reliance on forward-looking statements. Although management believes that forward-looking statements are reasonable as and when they are made, they are subject to a number of risks and uncertainties that could cause actual results to differ materially from those expressed in the statements. forward-looking statements, including those described in the "Risk Factors" section of our Annual Report on Form 10-K filed with the United States Securities and Exchange Commission ("SEC") on March 7, 2018, and set forth day in our periodical reports thereafter. The forward-looking statements contained in this announcement speak only as of the date they were made. REVA does not badume any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.