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

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.