Mainstay Medical International plc, a firm that manufactures medical implantable device ReActiv8 ®, has raised funds worth approximately €30.1 million. Reportedly, the firm has raised this funding through issuing nearly 2,151,332 ordinary shares to its current and new stakeholders. Some of the company’s key officials have stated that the funds will be utilized to fulfill myriad business goals including the finalization of the U.S. ReActive8-B clinical trials, which supports the medical application for PMA (pre-market approval) from food & drug authority of the U.S.
According to Business Insider, a major portion of the gross proceeds will be utilized for promotional and commercializing activities of ReActiv8 across European countries such as Germany and other potential markets along with its launch in the U.S. healthcare market.
Reliable sources claim that the ReActive8-B Study will be completely finalized by the second quarter of 2018 with the total number of patients in the clinical trials speculated to be more than 168. Investors of this financing round apparently include financial institutions of Europe and North America, that received new share each at a price of €14. Reports also claim that the ISIF (Ireland Strategic Investment Fund), an Ireland based sovereign development fund investing in commercial activities for creating employment & promoting economic activities in the country, is anticipated to purchase nearly 33% of new shares, the value of which is estimated at nearly €10 million.
Industry analysts believe that Mainstay is trying to expand its operations in Ireland after receiving ISIF fundings. They are of the opinion that the firm will also benefit from the strong talent pool available in Ireland. The Directors of the medical device firm believe that the investments will help in the business expansion of the firm while simultaneously aiding the company to reach more customers and enhance the overall job creation across the Irish industry.
Dhananjay develops content for Market Size Forecasters. A post graduate in mathematics as well as business administration, he worked as a process executive in Infosys BPO Limited before switching his professional genre. Following his childhood passion, he opted for a career in writing and now pens d...