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Apr 23 2019, 08:50 IST/BST
Mainstay Medical
FY results: plans for the US and equity raise
- Sectors : Pharma and healthcare
- Companies : Mainstay Medical
DAVY VIEW
Mainstay aims to submit an application to the FDA in the middle of 2019 to sell ReActiv8 in the US. In preparation for this, the company plans to raise $10m in equity and has also refinanced its debt facility with IPF Partners (December 31st 2018 principal balance $10.2m). We estimate the latter will lead to c.$10m in principal and interest savings over the next two years. The equity raise could also result in an additional €3m of debt financing.
