Mainstay Medical, an Ireland-based developer of medical devices for the treatment of back pain that counts medical device manufacturer Medtronic as an investor, has raised $108m in an equity financing.
The round was co-led by an unnamed global medical device company, Ally Bridge Group, Sofinnova Partners’ Crossover Fund. They invested together with Sofinnova Partners, KCK Group and Fountain Healthcare Partners.
Mainstay is commercialising an implantable neurostimulation device called ReActiv8, which is designed to treat people with chronic lower back pain.
The investment will be used to finance the launch of ReActiv8 in the US as well as for further expansion in Europe and Australia. Mainstay will also use the capital injection for its general operations, additional post-market clinical studies and research.
Mainstay raised about $26m in its initial public offering on Euronext Paris stock market and the enterprise securities market of the Irish Stock Exchange in 2014 but delisted in April 2020 citing liquidity issues with its shares.
Fountain Healthcare Partners led Mainstay’s $20m series B round in 2012, with investments from Medtronic, Seventure Partners and Capricorn Venture Partners.
The company had earlier obtained $6m in a series A round led by Sofinnova Partners and featuring Twin Cities Angels in 2010.