Mainstay Medical is preparing an initial public offering on the EuroNext stock exchange that could be worth up to $42 million, according to a regulatory filing.
Mainstay, which last month launched a new clinical trial of its ReActiv8 implantable neurostimulator for chronic lower back pain, said it plans to offer some 1.1 million shares at €20-€27 per share, or about $27.77 to $37.50 per share.
That would mean gross proceeds of $31.2 million to $42.2 million (€22.5 million to €30.4 million) for the IPO, which is slated for April 29, according to the filing.
In March, Mainstay said it launched a clinical trial at 3 Australian sites to evaluate the ReActiv8 neurostimulator in patients with chronic lower back pain.
The device is designed to send electrical pulses along implanted electrodes to relax muscles, improve control, relieve pain and help foster recovery in patients who are not good candidates for back surgery.
"Our novel approach of electrical stimulation to help restore the muscle control system is based on published scientific research, and the performance of the therapy was demonstrated in the recently completed European feasibility study," CEO Peter Crosby said at the time. "The energy and experience of the Mainstay Medical team has enabled us to complete the development of our innovative, therapy-specific device and obtain approval to start the ReActiv8 clinical trial within a year after the feasibility study results."