Mainstay Medical says 2014 was ‘significant year’ for firm

Irish medical devices firm Mainstay Medical said 2014 was a significant year for the company, as it completed a stock offering and pushed forward with its implantable neurostimulation medical device ReActiv8.

The company is continuing to trial ReActiv8, which is designed to help those suffering from chronic low back pain, restoring control to muscles that stabilise the lumbar spine.

Mainstay said began a clinical trial of the device in March, with participants in Australia and Europe. It has also applied to the US Food and Drug Administration for approval to trial ReActiv8 under an investigational device exemption.

Operating expenses rose by $2.7 million to $11.1 million during the year due to the costs of the clinical trial and the expansion of Mainstay’s team. Cash on hand was $18.3 million at the end of the year. Operating cash out flows for 2014 were $11.4 million. A IPO in May raised a net $20.9 million for the company.

"2014 has been a significant year for Mainstay, with the milestones achieved being a testament to the diligence and focus of the team," chief executive Peter Crosby said.