Oxford Finance, a specialty finance firm that provides senior debt to life sciences and healthcare services companies, closed a $50 million senior secured term loan for Mainstay Medical Holdings, a medical device company focused on commercializing an implantable restorative neurostimulation system, ReActiv8, for the treatment of disabling mechanical chronic low back pain (CLBP).
ReActiv8 is an active implantable medical device that stimulates nerves responsible for activating a key muscle involved in stabilizing the lower back. ReActiv8 is designed to provide therapy for people whose lives are significantly impacted by intractable, mechanical CLBP. Contraction of the muscle can lead to restoration of control over time, allowing the back to recover from CLBP.
“Mainstay is preparing to launch the ReActiv8 device in the U.S. to address the large population of mechanical CLBP patients who have limited treatment options,” Christopher A. Herr, senior managing director at Oxford Finance, said. “Oxford is proud to support a company using a novel method to treat an underserved medical issue which has the potential to help millions of people who suffer from chronic back pain.”
