Mainstay Medical today announced its half-year financial results on top of positive results from the clinical trial of its product ReActiv8.
Operating expenses at the Dublin-based global medical device company were $6.3m during the six-month period to June 30th, an increase of $1.5m compared the previous year. This rise is mainly due to costs associated with increased activity in the ReActiv8-A clinical trial, and expansion at the company.
Cash on hand at June 30th 2015 was $12.5m and operating cash out flows for the period were $5.7m.
ReActiv8 is a new implantable neurostimulation system to treat disabling chronic low back pain (CLBP).
The company today also announced positive results from the clinical trial of ReActiv8 for a submission for CE marking.
The ReActiv8-A trial has shown clinically important, statistically significant and lasting improvement in pain, disability and quality of life for CLBP sufferers.
Peter Crosby, CEO of Mainstay, added: “The results from the ReActiv8-A trial show improvements which are better than any other therapy for this group of people as reported in the literature. We are excited that our unique approach to treating this type of chronic low back pain offers the potential to change the lives of millions of people worldwide who have no effective treatment alternative.”