Dublin-based medical devices company Mainstay Medical has taken the first steps towards testing what it hopes with be a revolutionary treatment for chronic back pain.
More than 40 people have had the company’s implantable device tested as part of the ReActiv8-A clinical trial.
The trial, along with an expansion of its workforce, saw operating costs climb $2.7m (€2.53m) to $11.1m in the year, however.
Cash on hand at the end of December was $18.3m and operating cash flows for 2014 amounted to $11.4m.
Last May, Mainstay completed its initial public offering (IPO), listing its ordinary shares on the Enterprise Securities Market of the Irish Stock Exchange and Euronext in Paris.
The flotation garnered proceeds of $20.9m, which Mainstay says has been crucial to facilitating its progress in testing ReActiv8.
“2014 has been a significant year for Mainstay, with the milestones achieved being a testament to the diligence and focus of the team,” said Mainstay chief executive Peter Crosby.
“The successful IPO has allowed us to progress our Reactiv8-A clinical trial as planned in Australia and Europe. Study investigators continue to express enthusiasm for ReActiv8 and its potential to help the large population suffering from chronic lower back pain.”
In addition to starting the trials in the Australian and European market, a submission to the US Food and Drug Administration was made at the start of the year.
It is hoped that the product can help alleviate the suffering and economic impact associated with chronic lower back pain by electrically stimulating the nerves around the spine, helping to restore muscle control and improve stability.
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