By Geoff Percival
Dublin-based medical devices company Mainstay Medical has raised an extra €30.1m in financing, via a share placing, to fund a continued push towards product commercialisation in the US.
The company has a dual share listing in Dublin and on Paris’s Euronext exchange. It is continuing to develop its ReActiv8 medical implant product, which is seen as being a potential breakthrough treatment for chronic back pain.
Mainstay will also use the new funds to advance its initial commercialisation of ReActiv8 in Germany and market the product in more European markets.
“Our goals for the next two years are clear: complete the ReActiv8-B clinical study [in the US], file the pre-market approval for ReActiv8 with the Food and Drug Administration, and build our commercial presence in 2018 for more meaningful commercial expansion in 2019,” said chief executive Jason Hannon.
“Over the next year we are targeting to have 10 or more physician partners who have performed multiple implants, with whom we will work to expand market awareness and adoption,” he said.
Elsewhere, Dublin-based clinical trials company Venn Life Sciences has announced a change in growth strategy from acquisition-led development to organic-led growth. In a trading update, the company said revenues remained stable last year, marginally declining from €18.2m to €17.8m, while earnings improved.
“In order to maximise operational leverage in the business, it makes sense to focus on both organic and inorganic revenue growth in the near-term,” the company said.