Crosby, recruited in 2009 to lead the company and its development of the Reactiv8 neurostimulation device for treating chronic pain, is slated to act as a consultant for Mainstay through 2020.
“Mainstay has made tremendous progress since the founding of the company in 2008 under Mr. Crosby’s leadership, and as we move forward to the next phase we are delighted that Jason is joining as our new CEO. Jason’s broad medical device experience has spanned areas critical to the future success of Mainstay: Commercialization of new products, penetration of new markets, product innovation, strategic and financial planning, raising capital, regulatory and clinical management and the building of a high-performance culture that will attract the most talented people to our company,” chairman Dr. Oern Stuge said in prepared remarks.
“Mainstay has developed a strong foundation in its scientific, clinical and regulatory accomplishments to date. The dedicated team has done the pioneering work to establish a new market – ReActiv8 seeks to help the body repair itself rather than merely masking pain. This has created the potential of bringing an entirely new option to people suffering from chronic back pain. I am impressed by the work done to get to this point, and I look forward to working with the entire team to advance the mission,” Hannon added.
“I am proud of what we have achieved as a team, and I am confident that the company will be in good hands under Jason’s leadership. I look forward to remaining involved with the company into the future, to ensure continuity with our employees, consultants and investigators,” Crosby said.
“On behalf of Mainstay’s Board, management team and staff, I would like to thank Peter for his substantial contribution to the company’s growth over the last eight years. Peter’s tireless efforts in building the company from start-up stage through multiple fundraisings, product development and clinical trials to initial commercialization has positioned the company well for the future. We look forward to continuing to work with Peter into the future,” Stuge added.
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