IPO round-up: Mainstay raises €18m; Union MedTech takes step closer to REX with £10m
This article was originally published in Clinica
Executive Summary
Irish orthopedic firm Mainstay Medical has raised €18m ($25m) in its initial public offering, slightly less than its €23m target. According to The Irish Times, the firm sold around 850,000 shares at €21.15 each, at the low end of the €20-27 range it had previously given. The IPO was a dual listing on the Irish Stock Exchange and the Paris Euronext market. Mainstay will use the funds to conduct clinical trials of its ReActiv8 treatment for chronic low back pain, initially in Australia and then in Europe, and to submit an application for CE mark approval. ReActiv8 is an implanted device that stimulates nerves responsible for contracting the key muscles that stabilize the lower back. Medtech giant Medtronic is one of Mainstay’s investors.