Mainstay Medical floats on the ISE
Mainstay Medical International plc (Mainstay Medical) has today floated on the ISE. Mainstay Medical raised €18m on its admission to the Enterprise Securities Market (ESM) and commenced trading with a market capitalisation of €90m.
Mainstay Medical is the first company on the Irish market to have a dual quotation with Euronext Paris. The ISE now has active dual listings with the UK, US, Canada, France and Switzerland.
Mainstay Medical is an Irish medical device company with operations in Australia and the United States. The company partners with scientists and clinical experts to deliver innovative therapies for people with debilitating chronic low back pain. It is focused on the development of ReActiv8®, an active implantable medical device (AIMD) designed to treat people with chronic low back pain. Mainstay Medical has completed the design of ReActiv8® and enrolment in clinical trials commenced in Australian sites in March 2014.
Peter Crosby, CEO of Mainstay Medical, speaking at the company’s launch at the ISE, said “We are delighted to launch Mainstay Medical on the ISE today. Our listing on the ESM raises our profile in Ireland and internationally and enables us to focus on the next stage in our development as we execute our plans to obtain regulatory approval for ReActiv8® and subsequent commercialisation. We are also pleased to utilise the flexibility of the ISE’s listing regime to be the first Irish company to have a dual quotation on the ISE and Euronext Paris.”
Deirdre Somers, Chief Executive of the ISE, added, “Ireland is a world player in the pharmaceuticals and medtech industries so we are delighted to see a company like Mainstay Medical using the ISE to source international investors. This is the third IPO on the Irish market this year and provides further evidence that public markets are a viable alternative for Irish companies across all sectors looking to raise funds to scale their business.”
The ESM ticker symbol for trading in Mainstay Medical is MSTY.
Davy is acting as ESM advisor and corporate broker to Mainstay Medical.