Mainstay Medical‘s (MSTY.PA) European initial public offering reeled in about $25 million (€18 million) and made the spinal implant maker the 1st medtech company to float an IPO in Paris and the 1st company to attempt a dual flotation in Paris and Dublin, the Irish Times reports.
The offering was originally slated to earn as much as $42 million for Mainstay Medical’s ReActiv8 implantable neurostimulator for chronic lower back pain, but the company offered fewer shares at about the mid-point of the range specified in its prospectus.
In April Mainstay said it planned to put up some 1.1 million shares at €20-€27 per share, or about $27.77 to $37.50 each, but ended up offering just more than 851,000 shares at roughly $29.33 apiece (€21.15), the newspaper reported.
MSTY shares opened at about $29.34 (€21.16) per share April 29, closing down a hair at $29.33 (€21.15) before gaining back that and more with a $29.39 (€21.19) close yesterday in Paris.
"We are delighted with the very positive response from institutional and individual investors who recognized 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," chairman Oern Stuge said in prepared remarks, according to the Times.
In March, Mainstay 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.
