Mainstay Medical (EPA:MSTY) said yesterday it raised $15 million in a debt financing round to help fund its ReActiv8 implantable device for individuals with chronic low back pain.
The debt facility came from IPF Partners, according to Dublin, Ireland-based Mainstay.
“We are pleased to have secured this $15 million debt facility. These funds strengthen our financial position, and allow us to continue building momentum towards commercialisation of ReActiv8,” CEO Peter Crosby said in a press release.
The debt will be split into 3 tranches, according to the company, with $4.5 million available up front. The rest of the funds will be available following CE Mark approval process milestones, the company said.
Last May, Mainstay’s initial public offering reeled in about $25 million (€18 million) and made the spinal implant maker the 1st medtech company to float an IPO in Paris and the 1st company to attempt a dual flotation in Paris and Dublin.
The offering was originally slated to earn as much as $42 million for Mainstay, but the company offered fewer shares at about the mid-point of the range specified in its prospectus.
Earlier in March, Mainstay announced the launch of a new clinical trial evaluating its ReActiv8 implantable neurostimulator at 3 clinical sites in Australia.
The trial was slated to evaluate treatment of chronic low back pain in adults with its ReActiv8 system, which sends electrical pulses along implanted electrodes to relax muscles, improve control, relieve pain and help foster recovery in patients who are not good candidates for back surgery.
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