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Medical device firm Mainstay Medical to move to Dublin after raising US$20m

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Medical device company Mainstay Medical is to move its head office and executive leadership to Dublin from its Minneapolis, Minnesota, base in the US. The company has just raised US$20m (€15.3m) in funding to help advance its medical device to treat lower back pain.

The Series B financing round was led by Fountain Healthcare Partners, the life science-focused venture capital fund headquartered in Dublin, while other new investors included Medtronic, Capricorn Venture Partners and Seventure Partners.

Sofinnova Partners and Twin City Angels, existing Series A investors in Mainstay Medical, also participated in the round.

As part of the financing, Mainstay Medical has relocated its head office and executive leadership to Dublin.

The company is now planning to target the funding to help progress the development of its medical device to treat lower back pain. Mainstay has developed an implantable device, which it describes as being like a pacemaker for the back, to help restore spine stability and ease back pain.

Dr Danny Sachs founded Mainstay Medical in 2008. Under the leadership of CEO Peter Crosby, the company carried out a feasibility study across four clinics in Europe.

The company is now planning to use the proceeds of the Series B financing to expand the team for product development, quality, clinical, regulatory and administration.

Mainstay is looking to achieve regulatory approval in Europe and run a global clinical trial leading to a PMA submission to the Federal Drugs Administration in the US.

"Our early clinical results are very encouraging, and with this new investment we will be able to make great progress in advancing Mainstay's products from concept to reality, and start to build our business," said Crosby.

Siliconrepublic.com is hosting Med Tech Focus, an initiative which over coming months will cover news, reports, interviews and videos, documenting Ireland's leading role in one of the hottest sectors in technology.

Carmel Doyle