Medical devices player Mainstay raises €30m to target Europe and US

17 Jun 2016

Dr Manus Rogan, co-founder and managing partner at Fountain Healthcare Partners, Ireland; Antoine Papiernik, managing partner at Sofinnova Partners, France; and Peter Crosby, CEO, Mainstay Medical

Mainstay Medical, the Dublin-based medical device company focused on treating chronic lower back pain, has raised €30m after placing shares on the Irish Stock Exchange.

The company raised the €30m after placing 2.3m ordinary shares on the exchange and opening up placing shares to selected institutional investors in Europe and America.

Family investment fund KCK subscribed to 50pc of the placing shares for €15m.

The proceeds from the placing will be used to support Mainstay’s European commericalisation and clinical trials of its ReActiv8 technology to support its entry into the critical US market.

Mainstay technology could improve the lives of millions

“This fundraising will allow us to further progress towards our objectives of commercialisation of ReActiv8 in Europe and the United States, and help improve the lives of millions of people who suffer from chronic low back pain,” Peter Crosby, CEO of Mainstay said.

“We thank our existing investors for their continuing support, and we are proud to welcome KCK as the cornerstone investor for this fundraising, as well as several other new investors in Mainstay.”

Mainstay received CE Marking for ReActiv8 on 24 May 2016, which enables commercialisation of ReActiv8 in Europe.

Mainstay will initially focus its sales and marketing efforts in Germany, where the company has a direct sales force, supported by its team of experienced field clinical specialists that is working toward the first commercial implant of ReActiv8.

Mainstay moved to Dublin in 2012 from its native Minneapolis, Minnesota base when it raised a Series B round led by Fountain Healthcare.

John Kennedy is a journalist who served as editor of Silicon Republic for 17 years