Mainstay Medical Secures $125M Funding for Revolutionary Back Pain Treatment
February 28, 2024, 9:15 am
Dublin-based Mainstay Medical Holdings recently announced a major equity financing deal, raising a whopping $125 million to support the commercial growth of their innovative implantable Restorative Neurostimulation system, ReActiv8. Led by CEO Jason Hannon, the company aims to revolutionize the treatment of mechanical low back pain through this groundbreaking technology.
The financing, led by Gilde Healthcare and Viking Global Investors, also saw participation from existing investors like Ally Bridge Group, Sofinnova Partners, Fountain Healthcare Partners, and Perceptive Advisors. With this significant funding, Mainstay Medical plans to expand its presence in the U.S., Europe, and Australia, conduct additional clinical studies, and bolster its general operations.
Geoff Pardo, Partner at Gilde Healthcare, expressed excitement about the potential of ReActiv8 therapy, highlighting its unique restorative mechanism of action for patients with chronic low back pain. The company's goal is to provide a superior treatment option for individuals suffering from incapacitating mechanical CLBP, offering a solution where traditional therapies fall short.
Operating in multiple countries including Ireland, the U.S., Australia, Germany, and the Netherlands, Mainstay Medical is at the forefront of medical innovation. With ReActiv8, they aim to address the unmet needs of patients with multifidus muscle dysfunction, offering a ray of hope for those struggling with chronic back pain.
This funding milestone not only propels Mainstay Medical towards achieving its corporate objectives but also signifies a significant step forward in the field of medical technology. As they continue to advance their research and commercial efforts, the impact of ReActiv8 on the lives of individuals with chronic low back pain is poised to be truly transformative.
The financing, led by Gilde Healthcare and Viking Global Investors, also saw participation from existing investors like Ally Bridge Group, Sofinnova Partners, Fountain Healthcare Partners, and Perceptive Advisors. With this significant funding, Mainstay Medical plans to expand its presence in the U.S., Europe, and Australia, conduct additional clinical studies, and bolster its general operations.
Geoff Pardo, Partner at Gilde Healthcare, expressed excitement about the potential of ReActiv8 therapy, highlighting its unique restorative mechanism of action for patients with chronic low back pain. The company's goal is to provide a superior treatment option for individuals suffering from incapacitating mechanical CLBP, offering a solution where traditional therapies fall short.
Operating in multiple countries including Ireland, the U.S., Australia, Germany, and the Netherlands, Mainstay Medical is at the forefront of medical innovation. With ReActiv8, they aim to address the unmet needs of patients with multifidus muscle dysfunction, offering a ray of hope for those struggling with chronic back pain.
This funding milestone not only propels Mainstay Medical towards achieving its corporate objectives but also signifies a significant step forward in the field of medical technology. As they continue to advance their research and commercial efforts, the impact of ReActiv8 on the lives of individuals with chronic low back pain is poised to be truly transformative.