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Mainstay Medical Completes $20.0M (EURO 15.3M) Oversubscribed Series B Venture Financing
September 27th, 2012 No comments
Fountain Healthcare Partners (Ireland) lead Series B Financing
Series A Financing led by Sofinnova Partners (France) in 2010
Proceeds will advance product development and clinical studies towards
regulatory approval for market release in the US and Europe.Dublin, Ireland, 26th September, 2012 – Medical device company Mainstay
Medical Ltd. today announced that is has successfully completed an
oversubscribed Series B financing round for $20.0M (EURO 15.3M) led by Fountain
Healthcare Partners (Ireland – “Fountain”). Other new investors in the
Series B round include Medtronic (US – “Medtronic”), Capricorn Venture
Partners (Belgium – “Capricorn”) and Seventure Partners (France –
“Seventure”). Existing Series A investors Sofinnova Partners (Sofinnova –
France), and Twin City Angels (TCA – Minneapolis, USA) also participated.
This funding will advance the on-going development of Mainstay Medical’s
disruptive new medical device for the treatment of patients with chronic
non-specific low back pain. As part of the financing, Mainstay Medical
relocated its head office and executive leadership to Dublin, Ireland from
Minneapolis, Minnesota US.The World Health Organization reports that low back pain is the most
prevalent of musculoskeletal conditions, and affects nearly everyone at some
point in time. Low back pain is the number one cause of lost working days in
the developed world, with a staggering 7.5 Million people in the US with
chronic back pain at any time, and similar numbers for Europe. The cost to
society of lost working days and health care treatment is enormous. For many
of these people, low back pain results from malfunction of muscles
responsible for spine stability. Mainstay Medical has developed a novel
approach using an implantable device like a “pacemaker for the back” to
restore spine stability to ameliorate pain and allow return to work.Mainstay was founded in 2008 by serial entrepreneur Dr. Danny Sachs, and
then under the leadership of CEO Peter Crosby, Mainstay conducted a European
Feasibility Study across four leading clinics in Europe. The promise of the
new therapy was clearly demonstrated in that Feasibility Study and in
parallel the Company also advanced the development of its own proprietary
products, and added to its intellectual property portfolio. Mainstay will
use the proceeds of the Series B financing to expand the team for product
development, quality, clinical, regulatory and administration, as it moves
towards its goals of achieving regulatory approval in Europe and running a
global clinical trial leading to a PMA submission to the FDA in the US.Dr. Manus Rogan, Co-Founder and Managing Partner at Fountain Healthcare
Partners said, “We are excited about Mainstay, and the potential to relieve
the back pain suffered by millions of people worldwide. We are particularly
pleased that Mainstay and the syndicate of international investors has
recognised the economic value and attractiveness of Ireland as a location to
build an innovative medical device company.”Mainstay Medical Chief Executive Peter Crosby commented, “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.” Mr. Crosby added, “The Mainstay
approach has the potential to save billions of dollars on health care
expenditure, while also creating a multi-billion market for us, so it is a
winning situation all around.”Antoine Papiernik, Managing Partner at Sofinnova Partners remarked, “We saw
the vision of Mainstay when it was presented to us as just an idea, and we
took the risk to lead the first investment. It is great to see that the
company has advanced so far, so quickly, and so efficiently. We are pleased
to add such quality new investors to the syndicate.”As part of the financing Dr. Manus Rogan (Fountain) will join the Board of
Directors, and Dr. Stephen Oesterle (Medtronic), Dr. Frank Bulens
(Capricorn) and Iain Wilcock (Seventure) will become Observers. Existing
independent director Andrew Weiss (CEO Coaxia, past head of Medtronic
Neuromodulation business) will continue.-ends-
About Mainstay Medical Ltd
Mainstay Medical Ltd. is a privately held, venture backed, Dublin (Ireland)
based medical device company. The company develops products for patients
with chronic low back pain. Check back often as we create our web presence
at www.mainstay-medical.comAbout Fountain Healthcare Partners
Fountain Healthcare Partners (“Fountain”) is a life science focused venture
capital fund headquartered in Dublin, Ireland with a second office in New
York, US. Fountain specialises in making investments in biotechnology,
medical device, specialty pharma and diagnostic companies.
www.fh-partners.comAbout Sofinnova Partners
Sofinnova Partners is an independent venture capital firm based in Paris,
France. For 40 years, the firm has backed nearly 500 companies at different
stages of their development – pure creations, spin-offs, as well as
turnaround situations – and worked alongside Europe’s key entrepreneurs in
the Life Sciences, Technology and Cleantech sectors. With EURO 1.1 billion of
funds under management, Sofinnova Partners’ experienced team and hands-on
approach in building portfolio companies through to exit have created market
leaders. www.sofinnova.frAbout Medtronic
Medtronic, Inc. (NYSE:MDT), headquartered in Minneapolis, is the world’s
largest medical device manufacturer with revenues over $16 billion, and is
active in many sectors – alleviating pain, restoring health and extending
life for millions of people around the world. www.medtronic.comAbout Capricorn Venture Partners
Capricorn Venture Partners is an independent pan-European venture capital
and asset manager seeking to invest in technology based growth companies.
Capricorn’s dedicated investment teams are composed of experienced
investment professionals with deep technology expertise and a broad
industrial experience. Capricorn is investing out of its Capricorn Cleantech
Fund, its Capricorn Health-tech Fund and is managing Quest for Growth, a
cross-over fund quoted on EuroNext Brussels, and the Quest Management
Cleantech Sicav. www.capricorn.beAbout Seventure Partners
Seventure Partners in Paris, France, is one of the leading venture capital
firms in Europe. Seventure manages EURO 500m and has invested since 1997 in
innovative businesses with high growth potential in Information &
Communication Technologies and in Life Sciences all over Europe. Seventure
is a subsidiary of Natixis, part of BPCE, one of the largest French banks.
www.seventure.frAbout Twin City Angels
Twin Cities Angels was established in 2006 to provide a formal organization
for entrepreneurially-minded angel-investors in the Minneapolis and St. Paul
area. TCA provides seed and early-stage capital in the range of $25,000 to
$2 million, an investment range not generally served by venture capitalists.
The Twin Cities Angels Fund I, LLC is a contributed capital and
“side-by-side” angel fund with members and partners from throughout
Minnesota. http://www.tcangels.com/
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