Follow the Money to Medical Devices & Diagnostics
Spotlight on Mainstay Medical International plc.


Follow the Money to Medical Device & Diagnostic Opportunities highlights a newly funded medical device or diagnostic company. This includes important insights into the featured company’s product pipeline, manufacturing and business relationships, and likely sourcing opportunities.

Mainstay Medical International is a public company based in Ireland that develops innovative therapies for patients with chronic low back pain. It has raised $33.9 million in a completion of a secondary public offering as reported in the PharmSource Lead Sheet on June 23, 2016.

Corporate Highlights

  • Mainstay Medical International was founded in 2008 in Minnesota, USA.
  • Corporate Headquarters: Dublin, Ireland
  • As of December 31, 2015, they had 23 employees.
  • Stock Exchange: EURONEXT
  • Stock Symbol: MSTY

Sourcing Opportunities

  • Mainstay Medical International plans to use the proceeds to support European commercialization efforts and US clinical trials of its ReActiv8 technology. This implantable neurostimulation device treats chronic low back pain by acting on the nerves that control the stabilizing muscles of the lower spine:

Development Phase: Approved/Cleared
Medical Specialty: Neurological/CNS
Purpose: Device – Therapeutic/Interventional
Type: Implant – Other, Electrode/Stimulator

US – PMA planned
EU – CE Mark approval
US – IDE approval

Classification: EU Class III

Previous Financings

  • October 2016: $15 million in a completed private debt placement
  • January 2015: $25 million in a completed IPO
  • April 2014: Mainstay Medical International files an IPO
  • April 2014: $500,000 in a completed venture capital investment
  • November 2012: $20 million in a completed venture capital investment

Medical Device & Diagnostics Pipeline1

Product Candidate Indication Medical Specialty Purpose Type
ReActiv8 Chronic Low Back Pain Neurological/CNS Device-Therapeutic/

Regulatory Approvals and Clearances

Product Candidate Region Approval/Clearance Year of Approval or Clearance
ReActiv8 Europe CE Mark approval 2016
ReActiv8 USA IDE approval 2015

1Source: PharmSource Lead Sheet

Contact Information

Mainstay Medical International plc Key Officers
Clonmel House, Forster Way Peter Crosby, President & CEO
Swords, County Dublin, K67F2K3 Ireland Hugh Kavanagh, CFO
Phone: + 353 1 897 0270 Jan Pieter Heemels, VP, Commercial Operations
Web: Diane Burnside, VP, Clinical Affairs

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Scotty is a Research Analyst at PharmSource. He holds a BS degree in Biology from George Mason University and an MPH degree from Eastern Virginia Medical School. He’s experienced in data collection, analysis and management, and has done laboratory analysis and safety program development.

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