Medtronic, Inc.-Backed Startup Mainstay Medical Eyes $42 Million IPO To Fund Back Pain Device

Med-tech startup Mainstay Medical International has filed to raise up to $42 million through an initial public offering in Europe. The company, which is developing an implantable device for treating back pain, was co-founded by Twin Cities serial entrepreneur Danny Sachs and counts Fridley-based Medtronic Inc. and Twin Cities Angels among its investors. Despite those Minnesota ties, the firm moved its headquarters to Dublin after raising $20 million in financing led by an Irish venture capital firm

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