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Mainstay shares jump after revenue boon

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ReActiv8 treats back pain

ReActiv8 treats back pain

ReActiv8 treats back pain

Shares in Mainstay Medical, a medical device company focused on developing Reactiv8 - a treatment aimed at stopping chronic lower back pain - were trading up 1.5pc after it reported revenue of $1.1m (€1m) for 2019.

This was an increase on the $600,000 recorded in 2018.

Operating expenses for the year ended December 31, 2019 were $19.2m, down from the $29.6m reported in the prior year, according to its annual results. The decrease in expenditure was driven primarily by reduced costs relating to activities and personnel following the completion of all implants in the ReActiv8 B clinical trial. Mainstay had cash of $17.4m at year-end.

The company's ReActiv8 pre-market approval application was accepted for review by the US Food and Drug Administration in October.

Mainstay expects a decision regarding approval around the end of this year. Elsewhere, it received regulatory approval for ReActiv8 in Australia.

Jason Hannon, CEO of Mainstay, said the company continued "to make significant progress toward our key objectives".

Headquartered in Dublin, Mainstay has subsidiaries operating in Ireland, the United States, Australia, Germany and the Netherlands.

Irish Independent