Ambitious medical devices firm Mainstay Medical raises €30m funding

Mainstay Medical — the Dublin-based medical devices firm — has raised a fresh €30m in funding via the placement of 2.3m new ordinary shares in the company.

The company, which took a dual sharelisting on Dublin’s ESM market and Paris’ Euronext exchange in 2014, has raised the money through European and North American institutional investors.

The proceeds of the raise will be used to fund Mainstay’s ongoing development of its ReActiv8 product, seen as a potential breakthrough treatment for chronic back pain.