Mainstay Medical raised $108 million to fund the launch of its ReActiv8 implant in the U.S. and pursue post-market clinical studies.
"We are now strongly capitalized to execute on our corporate objectives in 2021 and beyond, including the launch of ReActiv8 in the U.S. market and acceleration of our commercialization efforts in Europe and Australia," Jason Hannon, CEO of Mainstay Medical, said in a Feb. 16 news release.
ReActiv8 is a restorative neurostimulation implant used to treat chronic lumbar pain. The implant stimulates nerves that supply the lumbar multifidus muscle to generate contraction of the muscle, which can help patients recover from chronic lumbar pain.
The funding was raised through an equity financing round that included venture capital firms Sofinnova Partners, Ally Bridge Group and Fountain Healthcare Partners as well as family investment firm KCK Group.