TIDMIRSH
Mainstay Medical International plc ("Mainstay" or the "Company",
Euronext Paris: MSTY.PA and Euronext Dublin: MSTY.IE), a medical
device company focused on commercializing ReActiv8®, an implantable
restorative neurostimulation system designed to treat an underlying
cause of disabling Chronic Low Back Pain, today announces that Dr
Manus Rogan has decided to step down as a Non-Executive Director of
the Company with immediate effect in order to concentrate on other
commitments.
Dr Rogan has been a Board member of the Company since its IPO on
Euronext Paris and Euronext Dublin in 2014. In 2012, Dr Rogan (as
Managing Partner of Fountain Healthcare Partners) led the $20M
Series B financing into Mainstay Medical Ltd. and the relocation of
the Company's head office from Minneapolis to Dublin. He also
joined the board of Mainstay Medical Ltd. at that time.
Dr Oern Stuge, Chairman of the Board of Mainstay, said: "During
his time as a director, Manus has seen Mainstay's technology and
business mature significantly to the point where we now have the
ReActiv8-B study nearing completion and our commercialization
strategy in Europe gaining traction. We thank him for his
significant contribution to that journey and wish him every success
in the future."
Dr Rogan said: "I am proud of the progress Mainstay has made and
believe the Company has a bright future. With a strong team in
place and a clear roadmap for the commercialization of ReActiv8
internationally, now is a good time for me to step down to focus on
earlier stage investments. I am fully supportive of Mainstay's
strategy and look forward to its continued success."
- End -
About Mainstay
Mainstay is a medical device company focused on commercializing
an innovative implantable restorative neurostimulation system,
ReActiv8®, for people with disabling Chronic Low Back Pain (CLBP).
The Company is headquartered in Dublin, Ireland. It has
subsidiaries operating in Ireland, the United States, Australia,
Germany and the Netherlands, and is listed on the regulated market
of Euronext Paris (MSTY.PA) and the ESM of Euronext Dublin
(MSTY.IE).
About Chronic Low Back Pain
One of the recognized root causes of CLBP is impaired control by
the nervous system of the muscles that dynamically stabilize the
spine in the low back, and an unstable spine can lead to back pain.
ReActiv8 is designed to electrically stimulate the nerves
responsible for contracting these muscles and thereby help to
restore muscle control and improve dynamic spine stability,
allowing the body to recover from CLBP.
People with CLBP usually have a greatly reduced quality of life
and score significantly higher on scales for pain, disability,
depression, anxiety and sleep disorders. Their pain and disability
can persist despite the best available medical treatments, and only
a small percentage of cases result from an identified pathological
condition or anatomical defect that may be correctable with spine
surgery. Their ability to work or be productive is seriously
affected by the condition and the resulting days lost from work,
disability benefits and health resource utilization put a
significant burden on individuals, families, communities, industry
and governments.
Further information can be found at www.mainstay-medical.com
CAUTION - in the United States, ReActiv8 is limited by federal
law to investigational use only.
Forward looking statements
This announcement includes statements that are, or may be deemed
to be, forward looking statements. These forward looking statements
can be identified by the use of forward looking terminology,
including the terms "anticipates", "believes", "estimates",
"expects", "intends", "may", "plans", "projects", "should", "will",
or "explore" or, in each case, their negative or other variations
or comparable terminology, or by discussions of strategy, plans,
objectives, goals, future events or intentions. These forward
looking statements include all matters that are not historical
facts. They appear throughout this announcement and include, but
are not limited to, statements regarding the Company's intentions,
beliefs or current expectations concerning, among other things, the
Company's results of operations, financial position, prospects,
financing strategies, expectations for product design and
development, regulatory applications and approvals, reimbursement
arrangements, costs of sales and market penetration and other
commercial performance.
By their nature, forward looking statements involve risk and
uncertainty because they relate to future events and circumstances.
Forward looking statements are not guarantees of future performance
and the actual results of the Company's operations, and the
development of its main product, the markets and the industry in
which the Company operates, may differ materially from those
described in, or suggested by, the forward looking statements
contained in this announcement. In addition, even if the Company's
results of operations, financial position and growth, and the
development of its main product and the markets and the industry in
which the Company operates, are consistent with the forward looking
statements contained in this announcement, those results or
developments may not be indicative of results or developments in
subsequent periods. A number of factors could cause results and
developments of the Company to differ materially from those
expressed or implied by the forward looking statements including,
without limitation, the successful launch and commercialization of
ReActiv8, the progress and success of the ReActiv8-B Clinical
Study,general economic and business conditions, global medical
device market conditions, industry trends, competition, changes in
law or regulation, changes in taxation regimes, the availability
and cost of capital, the time required to commence and complete
clinical trials, the time and process required to obtain regulatory
approvals, currency fluctuations, changes in its business strategy,
and political and economic uncertainty. The forward-looking
statements herein speak only at the date of this announcement.
PR and IR Enquiries:Consilium Strategic Communications
(international strategic communications - business and trade
media)Chris Gardner, Jessica Hodgson, Nicholas BrownTel: +44 203
709 5700 / +44 7921 697 654Email:
mainstaymedical@consilium-comms.comorFTI Consulting (for
Ireland):Jonathan NeilanTel: +353 1 765 0886Email:
jonathan.neilan@fticonsulting.comorNewCap (for France)Julie
CoulotTel: +33 1 44 71 20 40Email:
jcoulot@newcap.frorAndreasBohne.Com/Kötting Consulting (for
Germany)Andreas BohneTel : +49 2102 1485368Email :
abo@andreasbohne.comorWilhelm KöttingTel: +49 69 75913293Email:
wkotting@gmail.comorInvestor Relations:LifeSci Advisors, LLCBrian
RitchieTel: + 1 (212) 915-2578Email:
britchie@lifesciadvisors.comorESM Advisers:DavyFergal Meegan or
Barry MurphyTel: +353 1 679 6363Email: fergal.meegan@davy.ie or
barry.murphy2@davy.ie
View source version on businesswire.com:
https://www.businesswire.com/news/home/20180923005040/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
September 24, 2018 02:00 ET (06:00 GMT)
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