Mainstay Medical Holdings plc, announced an equity financing in which it will receive gross proceeds of US$125 million. Mainstay intends to use these funds to support continued commercial growth of ReActiv8 Restorative Neurostimulation in the United States, Europe and Australia, additional post-market clinical studies and research, and general operations.
This financing was co-led by new investors, Gilde Healthcare and Viking Global Investors. The main existing investors participating in the financing are Ally Bridge Group, Sofinnova Partners (Crossover Fund), Fountain Healthcare Partners and Perceptive Advisors.
“Funding of this magnitude will enable us to accelerate our efforts to revolutionize the treatment of mechanical low back pain with ReActiv8 Restorative Neurostimulation, including continuing our rapid commercial growth and leveraging our insurance coverage for ReActiv8,” says Jason Hannon, CEO of Mainstay Medical. “We are now well equipped to achieve our business objectives.
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In addition to commercial expansion in our target markets, these objectives include generating additional clinical and economic data to demonstrate that ReActiv8’s restorative approach to the treatment of chronic mechanical low back pain is superior to competing therapies originally designed to treat chronic mechanical low back pain. other guidance, as well as the continued development and application of our dominant intellectual property portfolio . »
“ We are excited to lead this financing and work with Mainstay to continue to unlock the potential of ReActiv8 therapy,” says Geoff Pardo, Partner at Gilde Healthcare, who also joins the Mainstay Medical Board of Directors . “Patients suffering from chronic mechanical low back pain have had very limited treatment options and the restorative mechanism of action offered by ReActiv8 is both unique and very promising . »
Two extraordinary general meetings of shareholders of Mainstay were held on February 23, 2024 to approve the financing and related matters. During these EGMs, all resolutions were duly adopted. The results of the vote on each of the resolutions are available on the company’s website.
SOURCE : BusinessWire