Mainstay Medical Holdings plc has announced an equity financing in which it will receive gross proceeds of US$125 million. Mainstay plans to use the funds to support the company’s continued commercial growth of ReActiv8 Restorative Neurostimulation in the U.S., Europe, and Australia, additional post-market clinical studies and research, and general operations.
The funding was co-led by new investors, Gilde Healthcare and Viking Global Investors. And the key existing investors who participated in the financing include Ally Bridge Group, Sofinnova Partners (Crossover Fund), Fountain Healthcare Partners, and Perceptive Advisors.
KEY QUOTES:
“A financing of this magnitude will allow us to accelerate our efforts to revolutionize the treatment of mechanical low back pain through ReActiv8 Restorative Neurostimulation, including by continuing our rapid commercial growth and building on our insurance coverage for ReActiv8. We are now strongly capitalized to execute on our corporate objectives. In addition to commercial expansion in our target markets, these objectives include the generation of additional clinical and health economic data to further demonstrate that ReActiv8’s purpose-built, restorative approach to the treatment of mechanical chronic low back pain is superior to competitive therapies originally designed for other indications, as well as the continued development and enforcement of our dominant intellectual property portfolio.”
- Jason Hannon, CEO of Mainstay Medical
“We are excited to lead this financing and to work with Mainstay to continue to unlock the potential of ReActiv8 therapy. Patients with mechanical chronic low back pain have had very limited treatment options, and the restorative mechanism of action offered by ReActiv8 is both unique and very promising.”
– Geoff Pardo, Partner at Gilde Healthcare, who also joins the Mainstay Medical Board of Directors
