Irish-headquartered Mainstay posts first-half loss of $8m
Mainstay raised €30m funding in June through placing of new shares
Peter Crosby, CEO of Mainstay Medical. The company is targeting chronic lower back pain with an implantable device
Dublin-listed Mainstay Medical, a company targeting chronic lower back pain with an implantable device, has reported an operating loss of almost $8 million (€7.1m) for the first half of 2016.
The company, which has raised more than $52 million in funding since it was established, is still at a pre-revenue stage. It reported operating expenses of $7.98 million, up from $6.3 million in the first half of 2015, with the increase driven primarily by the expansion of the company’s team, preparation for the ReActiv8-B clinical trial and preparation for commercial launch.
Mainstay raised €30 million in funding in June through a placing of new shares in the business, with the money to be used to drive the commercialisation of its flagship product, ReActiv8. This is a neurostimulator to treat chronic lower back pain, which won European approval in May.
The half year report shows cash on hand at June-end was $42.8 million and operating cash out flows for the period were $7.5 million.
The company, which floated in Paris and Dublin in April 2014 in an IPO that valued it at €90 million, is headquartered in Dublin with subsidiaries operating in Ireland, the US and Australia.