Mainstay Medical raises €30m in share placing
Dublin-based Mainstay Medical has raised €30m through the placement of over 2.3 million new ordinary shares, the company has said.
In a statement to shareholders this morning, the firm said it will look to use the money to support European commercialisation and to conduct clinical trials for its flagship back pain product, ReActiv8.
ReActiv8 is an implantable neurostimulation system that is used to treat disabling chronic back pain.
The funding will be used for a clinical B-trial of the product to help gather data for a pre-market approval application for the US.
Mainstay chief executive Peter Crosby said the fundraising will allow the company to "further progress" its commercilisation.
"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."
The cash raised from the sale of shares is in addition to the $10.4m cash pile the company had at the end of May.