Mainstay Medical (EPA:MSTY) said last week that it raised a $34 million (€30 million) equity round for its Reactiv8 neurostimulation device, including a $17 million (€15 million) contribution from family investment fund KCK.
Proceeds from the 2.3-million-share flotation, priced at $14.70 apiece (€13.00), are slated for European commercialization of the Reactiv8 device (the system won CE Mark approval in the European Union last month for treating chronic lower back pain). Mainstay said it also plans to spend the cash on clinical trials ahead of a bid for pre-market approval in the U.S.
Proceeds from the 2.3-million-share flotation, priced at $14.70 apiece (€13.00), are slated for European commercialization of the Reactiv8 device (the system won CE Mark approval in the European Union last month for treating chronic lower back pain). Mainstay said it also plans to spend the cash on clinical trials ahead of a bid for pre-market approval in the U.S.
