Paris – 29 April 2014 – Euronext, a wholly owned subsidiary of IntercontinentalExchange Group (NYSE: ICE), today announced the listing of Mainstay Medical International plc. Mainstay Medical is listed on Euronext’s regulated market in Paris (Compartment C) and on the Entreprise Securities Market of the Irish Stock Exchange in Dublin (ticker symbol: MSTY, ISIN: IE00BJYS1G50).
Mainstay Medical is an Irish producer of medical devices with operations in Ireland, Australia and the United States. It was founded in 2008 to develop innovative neurostimulation therapies for the treatment of chronic and debilitating lower back pain, and has focused on developing ReActic8®, an implantable neurostimulation device (AIMD) for patients suffering from debilitating low back pain.
Mainstay Medical was listed through the admission to trading of the 3,404,702 ordinary shares making up the company’s equity and the 851,175 new shares issued under the Offering.
The admission and issue price of Mainstay Medical shares was set at €21.15 per share. Market capitalisation was around €90 million based on the Offering price. Altogether the offering raised €18 million.
“We are delighted to welcome Mainstay Medical to Euronext and to accompany the company as it enters a new phase in developing its innovative therapy for patients suffering from chronic low back pain. Listing will raise the company’s profile with investors, while generating the capital it needs to deploy its growth projects,” said Albert Ganyushin head of international listings at Euronext.
Dr. Oern Stuge, Chairman of the Board of Directors at Mainstay Medical, said: “Our successful listing is a milestone, and as a listed company we are now poised to move up to the next stage. We are delighted with the very positive response from institutional and individual investors who recognised that Mainstay Medical’s unique and innovative approach to treating chronic low back pain, in addition to meeting a major clinical need, also offers an attractive investment opportunity. We have recently launched clinical trials for ReActiv8® and are dedicated to pursuing our strategy aimed at winning the necessary regulatory approvals for marketing our products.”