Mainstay preps launch in Germany
Mainstay Medical, the Irish medical device company, said that it has continued to make progress towards the commercialisation of its ReActiv8 treatment for chronic lower back pain.
It plans to initially launch the product in Germany and added that preparations for commercialisation are ongoing, including interaction with initial physician customers and recruiting direct sales and support staff.
The company is also preparing to trial the treatment in the United States.
Last August, Mainstay secured a debt financing facility for up to $15m (€15.4m). As at the end of 2015, the company had drawn down $10.5m of the fund. The remainder can be drawn down up to the end of July this year, following CE approval for ReActiv8.
Operating expenses in 2015 were $12.9m, which was $2.3m lower than in 2014, when flotation costs were incurred.