Dublin, Ireland-based medical device company, Mainstay Medical Holdings raised an equity financing in which it received gross proceeds of USD 125 million. The company announced the investment on February 26, 2024. Gilde Healthcare and Viking Global Investors led the financing for the company. Ally Bridge Group, Sofinnova Partners (Crossover Fund), Fountain Healthcare Partners, and Perceptive Advisors also joined in the funding.
As a part of the dewl, Geoff Pardo, Partner at Gilde Healthcare, also joined the Mainstay Medical Board of Directors.
Purpose of financing for Mainstay Medical Holdings
With the latest proceeds, Mainstay seeks to support the company’s continued commercial growth of ReActiv8® Restorative Neurostimulation in the U.S., Europe as well as Australia. It also has plans to fund additional post-market clinical studies and research, and general operations.
What the company’s official has to add
Jason Hannon, CEO of Mainstay Medical, said, “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.”
What the investors have to comment
Geoff Pardo, Partner at Gilde Healthcare, said, “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.”
About the company
The goal of Mainstay Medical’s medical device business is to bring ReActiv8, an implantable system for restorative neurostimulation, to market for patients with mechanical CLBP that is incapacitating.
Adults with unmanageable chronic low back pain (CLBP) linked to multifidus muscle dysfunction can be treated with the implantable medical device ReActiv8. With operations in Ireland, the US, Australia, Germany, and the Netherlands, Mainstay Medical is an international company with its headquarters located in Dublin, Ireland.
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