Dublin-headquartered medical device company Mainstay Medical has raised $125m through an equity financing round.
The funding will be used to support its continued commercial growth of its ReActiv8 system in the US, 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 company estimates that there are about two million people in the EU and the US alone who could be candidates for its product.
The new financing was co-led by new investors Gilde Healthcare and Viking Global Investors. Key existing investors who participated in the financing include Ally Bridge Group, Sofinnova Partners (Crossover Fund), Fountain Healthcare Partners, and Perceptive Advisors.
"A financing of this magnitude will allow us to accelerate our efforts to revolutionise the treatment of mechanical low back pain through ReActiv8 Restorative Neurostimulation, including by continuing our rapid commercial growth and building on our insurance coverage for ReActiv8," Jason Hannon, chief executive of Mainstay Medical, said.
Mr Hannon said the company is now strongly capitalised to execute on its corporate objectives.
"In addition to commercial expansion in our target markets, these objectives include the generation of additional clinical and health economic data to further demonstrate that ReActiv8's purpose-built, restorative approach to the treatment of mechanical chronic low back pain is superior to competitive therapies originally designed for other indications, as well as the continued development and enforcement of our dominant intellectual property portfolio," the CEO added.
