Back pain group plans stock market float

Mainstay Medical looking to list in Paris and Dublin as it trials first product

 Peter Crosby, chief executive of Mainstay Medical. Photograph: Nick Bradshaw

Peter Crosby, chief executive of Mainstay Medical. Photograph: Nick Bradshaw

Thu, Mar 27, 2014, 19:40

Mainstay Medical, an Irish-based group focused on addressing chronic back pain, has announced it plans to float on the stock markets in Paris and Dublin.

The company said today that it intends to raise funds through an initial public offering and will apply to join the Euronext Paris and the Enterprise Securities Market of the Irish Stock Exchange.

It gave no indication of the amount it hopes to raise, but said it expects to have the entire process completed by early May . A prospectus with those details is expected shortly.

The medical device company has only recently started clinical trials in Australia on its Reactiv8 “pulse” device, which is implanted in the lower back and connected to muscles that stabilise the spine. These can be weakened following a sprain or strain to a spinal joint and the onset of lower back pain. The unit emits electrical signals that contract the key stabilising muscles.

Clinical trials will also be taking place in Europe. Mainstay has said hopes to be in a position to begin marketing Reactiv8 in Europe at the end of next year.

The company moved its headquarters to Ireland from the US in 2012 after raising $20 million in a fundraising led by Irish private equity group Fountain Healthcare Partners. However, it also has significant French-based shareholders.

Seventure Partners, based in France, shareholders invested in the Fountain-led round alongisde medical device giant Medtronic and Belgian group Capricorn Venture Partners, with another French group, Sofinnova Partners and US-based Twin City Angels, which were earlier investors in the business, also took part.