Mainstay Medical

Kempen is pleased to announce the successful EUR 30m capital increase via direct placement by Mainstay Medical

• The capital increase comprised c.2.15m new shares, representing c.33% of Mainstay Medical’s pre-deal outstanding share capital and, at a price of EUR 14 per share, generated gross proceeds of EUR 30 million
• The transaction attracted interest from investors across Europe and the United States
• The Ireland Strategic Investment Fund (ISIF), an Irish sovereign development fund, participated in the transaction for an amount of c. EUR 10m. The placement was furthermore supported by the Company’s existing long-term shareholders Sofinnova Partners, Fountain Healthcare Partners and KCK Limited
• Kempen has a long-standing relationship with Mainstay Medical, having acted as Joint Global Coordinator/Joint Bookrunner in the Company’s IPO in 2014 and as financial adviser and coordinating placement agent in a capital increase in 2016
• Transaction proceeds are envisaged to be used to complete the U.S. Pivotal ReActiv8-B Study in support of an application for pre-market approval from the FDA, advance the initial commercialization of ReActive8 in Germany and additional markets, invest in early commercial activities in preparation for launch in the United States and other general corporate purposes

Mainstay is a medical device company focused on bringing to market 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 its ordinary shares are admitted to trading on Euronext Paris (MSTY.PA) and the ESM of the Irish Stock Exchange (MSTY.IE).