Medical device company Mainstay Medical has closed an equity financing in which it raised gross proceeds of $108m.
Mainstay said it intends to use the funds to support the commercial launch of its ReActiv8 device in the US, continued expansion in Europe and Australia, as well as additional post-market clinical studies and research, and general operations.
ReActiv8 is a device Mainstay has developed to treat chronic lower back pain.
The latest financing 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 who participated in the financing include Sofinnova Partners (Capital Fund), KCK Group and Fountain Healthcare Partners.
Jason Hannon, CEO of Mainstay, said that a financing of this magnitude is testament to the confidence in the commercial opportunity for ReActiv8.
"We are now strongly capitalised to execute on our corporate objectives in 2021 and beyond, including the launch of ReActiv8 in the US market and acceleration of our commercialisation efforts in Europe and Australia," Mr Hannon added.
