Mainstay Medical Holdings, a Dublin, Ireland-based medical device company focused on commercializing an innovative implantable restorative neurostimulation system for people with disabling mechanical Chronic Low Back Pain, closed an equity financing of US$108m
The round was co-led by new investors Ally Bridge Group and Sofinnova Partners, through its Crossover Fund, and also included a large, global medical device company. Key existing investors participating include Sofinnova Partners (Capital Fund), KCK Group and Fountain Healthcare Partners. In conjunction with the funding, Charles Chon, Partner and Managing Director at Ally Bridge Group, and Cédric Moreau, Partner at Sofinnova Partners, joined the Mainstay Medical Board of Directors.
The company intends to use the funds for the commercial launch of ReActiv8® in the U.S., continued expansion in Europe and Australia, additional post-market clinical studies and research, and general operations.
Led by Jason Hannon, CEO, Mainstay is a medical device company focused on commercializing an innovative implantable restorative neurostimulation system, ReActiv8®, for people with disabling mechanical Chronic Low Back Pain (“CLBP”).
Source: FINSMES
