Mainstay Medical receives €30 million funding from investors
Category: #health  By Dhananjay Punekar  Date: 2018-02-16
  • share
  • Twitter
  • Google Plus
  • Facebook
  • LinkedIn

Mainstay Medical receives €30 million funding from investors

Mainstay Medical International plc, a firm that manufactures medical implantable device ReActiv8 ®, has raised funds worth approximately €30.1 million. Reportedly, the firm has raised this funding through issuing nearly 2,151,332 ordinary shares to its current and new stakeholders. Some of the company’s key officials have stated that the funds will be utilized to fulfill myriad business goals including the finalization of the U.S. ReActive8-B clinical trials, which supports the medical application for PMA (pre-market approval) from food & drug authority of the U.S.

According to Business Insider, a major  portion of the gross proceeds will be utilized for promotional  and commercializing activities of  ReActiv8 across European countries such as Germany and other potential markets along with its launch in the U.S. healthcare market.

Reliable sources claim that the ReActive8-B Study will be completely finalized by the second quarter of 2018 with the total number of patients in the clinical trials speculated to be more than 168. Investors of this financing round apparently include financial institutions of Europe and North America, that received new share each at a price of €14. Reports also claim that the ISIF (Ireland Strategic Investment Fund), an Ireland based sovereign development fund investing in commercial activities for creating employment & promoting economic activities in the country, is anticipated to purchase nearly 33% of new shares, the value of which is estimated at nearly €10 million.

Industry analysts believe that Mainstay is trying to expand its operations in Ireland after receiving ISIF fundings. They are of the opinion that the firm will also benefit from the strong talent pool available in Ireland. The Directors of the medical device firm believe that the investments will help in the business expansion of the firm while simultaneously aiding the company to reach more customers and enhance the overall job creation across the Irish industry.



About Author

Dhananjay Punekar

Email: dhananjay.p@news.marketsizeforecasters.com   

Dhananjay Punekar

Dhananjay Punekar presently develops content for a slew of portals, including Market Size Forecasters and Algosonline. A post graduate in mathematics and business administration, he worked in Infosys BPO Limited prior to switching his professional genre. As a content wr...

Read More

More News By Dhananjay Punekar

AstraZeneca gets import & marketing approval for Durvalumab in India
AstraZeneca gets import & marketing approval for Durvalumab in India
By Dhananjay Punekar

AstraZeneca Pharma India, a division of pharma & biopharma giant AstraZeneca plc, has received a green signal from the Indian drug regulating agency DCGI (Drug Controller General of India) for its drug Durvalumab c...

BP exits deal with Woolworths, retail firm looks out for alternatives
BP exits deal with Woolworths, retail firm looks out for alternatives
By Dhananjay Punekar

BP Plc, a UK based oil & gas firm, has decided to terminate its USD 1.8 billion acquisition deal with Australian retail giant Woolworths. For the record, the British oil & gas company had signed a pact to purch...

Sarepta obtains positive results on DMD therapy, shares skyrocket 50%
Sarepta obtains positive results on DMD therapy, shares skyrocket 50%
By Dhananjay Punekar

The shares of Sarepta Therapeutics Inc., a medical research & drug development firm, climbed up by 50% after the firm released initial results derived from clinical treatment on patients suffering from Duchenne mus...