– IRELAND, Dublin – Mainstay Medical Holdings plc today announced the closing of US$108 million equity financing co-led by new investors Ally Bridge Group and Sofinnova Partners alongside a large, global medical device company and key existing investors also participating as Sofinnova Partners, KCK Group and Fountain Healthcare Partners.
Concurrent with the financing, Charles Chon, Partner and Managing Director at Ally Bridge Group, and Cédric Moreau, Partner at Sofinnova Partners, also joined the Board of Directors.
“This is an exciting time for Mainstay as they bring to market a restorative therapeutic option for patients suffering from disabling chronic low back pain,” said Charles Chon, Partner and Managing Director at Ally Bridge Group. “We commend the Company on all the progress it has achieved to-date and look forward to supporting it going forward.”
Cédric Moreau, Partner at Sofinnova Partners, commented: “We are thrilled to co-lead such a strong syndicate of investors in fuelling Mainstay’s commercial acceleration to make its first-in-class neurostimulation technology available in the U.S. and more extensively worldwide.”
Mainstay intends to use the funds to support the company’s commercial launch of ReActiv8 in the U.S., continued expansion in Europe and Australia, additional post-market clinical studies and research, and general operations.
“A financing of this magnitude, supported by such a quality global investor group, is testament to the confidence in the commercial opportunity for ReActiv8. We are now strongly capitalized to execute on our corporate objectives in 2021 and beyond, including the launch of ReActiv8 in the U.S. market and acceleration of our commercialization efforts in Europe and Australia.” said CEO, Jason Hannon.
An extraordinary general meeting of Mainstay shareholders was held on 9 February 2021 to approve the financing and related matters. At the EGM, all resolutions were duly passed. The results of the voting on each of the resolutions is available on the Company’s website.
About Mainstay
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. The Company is headquartered in Dublin, Ireland, and has subsidiaries operating in the United States, Australia, Germany, and the Netherlands.
For more information: http://mainstay-medical.com/en
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