Medical startup Mainstay Medical has completed a listing in the Irish Stock Exchange (ISE), raising €18 million in the transaction that values it at €90 million. This is the third initial public offering (IPO) for this year and Mainstay is the first company to achieve a listing in Dublin and Paris, according to the Irish Independent.
The startup will use the proceeds from the IPO to fund the clinical trials for its sole product in Europe and the US next year. ReActiv8 is an implantable device that sends electric impulses to spine muscles to stabilize the lower back area, the report detailed.
Doctor and entrepreneur Danny Sachs founded Mainstay in Minneapolis in 2008. In 2012, the company moved to Dublin as it closed its second funding round, the report said.
Chief executive officer (CEO) Peter Crosby explained: "We moved to Ireland for several reasons. Our early stage investors were European venture capitalists - it made sense to be near them. Secondly, the first major market that we'll sell into is Europe. And finally, Ireland is a logical location for medical device companies - 19 of the world's 25 largest in this field have Irish operations and about 4pc of the Irish population works in this sector, which is unprecedented."
Crosby said there are currently two million people in the US and Europe who could become ideal candidates for ReActiv8. Mainstay is hoping to secure EU approval for this product after the clinical trials, Irish Independent reported.
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