Mainstay Medical Announces Appointment of Jeffrey Dunn and Eric Major to its Board of Directors

Rhea-AI Summary

Mainstay Medical Holdings plc has appointed Jeffrey Dunn and Eric Major as independent board members, expanding the board to seven members. Dunn, the Executive Chairman of SI-BONE, Inc. (SIBN), brings extensive experience from leading the launch of a minimally invasive surgical implant system and navigating a successful IPO. Major co-founded K2M Group and led it to significant revenue and an acquisition by Stryker. Both directors will enhance Mainstay's strategic direction in commercial growth, especially for the ReActiv8 device targeting chronic low back pain.

Positive

• Appointment of experienced leaders will enhance strategic direction and operational growth.
• Dunn and Major's backgrounds in medical device companies contribute valuable expertise in commercialization.

Negative

• Concerns regarding continuity in leadership with new members joining.
• Potential experience gaps as new directors may take time to acclimate to Mainstay's operations.

DUBLIN--(BUSINESS WIRE)-- Mainstay Medical Holdings plc today announced the appointment of two new independent members to the company’s board of directors, Jeffrey Dunn and Eric Major. These appointments bring Mainstay’s total board membership to seven.

“We are pleased to welcome these two transformational business leaders as new independent directors on the Board,” said David Brabazon, Chairman of the Mainstay Board of Directors. “Their deep experience will be invaluable to Mainstay as we grow our business and pursue our mission to serve patients with intractable chronic low back pain.”

“As our business evolves and we continue to focus on commercial growth, broadening the industry expertise on our Board will help the company strategically and operationally,” said Jason Hannon, Mainstay’s Chief Executive Officer and Board member. “Both Jeff and Eric have strong track records of success leading medical device companies focused on back pain from the launch phase through maturity. They bring decades of leadership in key areas, such as commercial and reimbursement strategy, new product development and operations, that will be valuable to us as we continue to grow our ReActiv8 business in the U.S. and abroad.”

Mr. Dunn currently serves as the Executive Chairman of the Board of Directors of SI-BONE, Inc. (Nasdaq: SIBN), a medical device company dedicated to solving musculoskeletal disorders of the sacropelvic anatomy. Mr. Dunn co-founded the company and served as its President, Chief Executive Officer and Chairman of the Board of Directors from 2008 until April 2021. Mr. Dunn led the company through the launch and market growth of the iFuse proprietary minimally invasive surgical implant system as well as the company’s 2018 Nasdaq IPO, taking the company from inception to its current market cap of over $700 million. Prior to joining SI BONE, Mr. Dunn held multiple Chief Executive Officer positions in various other companies since 1994. Mr. Dunn received a B.A. from Colgate University and an M.B.A. from Babson College.

Mr. Major has more than 25 years of experience in the spine device industry as an entrepreneur, executive, chairman, and board member. In 2004 Mr. Major co-founded K2M Group Holding, Inc., a global leader in complex spine and minimally invasive medical device solutions, and led the company to $300 million in annual revenue and a Nasdaq IPO in 2014. K2M was acquired by Stryker Corporation for $1.4 billion in 2018, after which Mr. Major served as president of Stryker’s spine division until June 2021. Prior to starting K2M, in 1998 Eric co-founded American OsteoMedix Corporation, a global minimally invasive spine company that was acquired by Interpore Cross (now part of Zimmer Biomet). Mr. Major holds a B.S. from James Madison University.

About ReActiv8®

ReActiv8 is an implantable medical device designed to treat adults with intractable chronic low back pain (CLBP) associated with multifidus muscle dysfunction. Multifidus muscle dysfunction may be evidenced by imaging or physiological testing in adults who have failed therapy including pain medications and physical therapy, and who are not candidates for spine surgery. ReActiv8 has received regulatory approval in several geographic areas, and is commercially available in the European Economic Area, Australia, the UK, and the US.

About Mainstay Medical

Mainstay Medical is a medical device company focused on commercializing its innovative implantable Restorative Neurostimulation™ system, ReActiv8^®, for people with disabling mechanical CLBP. Mainstay Medical is headquartered in Dublin, Ireland and has subsidiaries operating in Ireland, the United States, Australia, Germany and the Netherlands.

Further information can be found at www.mainstaymedical.com.

Forward-Looking Statements

All statements in this announcement other than statements of historical fact are, or may be deemed to be, forward-looking statements. These forward-looking statements may include, without limitation, statements regarding the company’s intentions, beliefs or current expectations concerning, among other things, the company’s commercial efforts and performance, financial position, financing strategies, product design and development, regulatory applications and approvals, and reimbursement arrangements.

Forward-looking statements involve risk and uncertainty and are not guarantees of future performance. Actual results may differ materially from those described in, or suggested by, the forward-looking statements. A number of factors could cause results and developments to differ materially from those expressed or implied by the forward-looking statements herein, including, without limitation, the risks and uncertainties included in the company’s Annual Report for the year ended 31 December 2020, which should be read in conjunction with the company’s public disclosures (available on the company’s website (www.mainstaymedical.com)). The forward-looking statements herein speak only as of the date of this announcement.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211214005425/en/

PR and IR Enquiries:

LifeSci Advisors, LLC

Brian Ritchie

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FTI Consulting (for Ireland)

Jonathan Neilan or Patrick Berkery

Tel. : +353 1 765 0886

Email: mainstay@fticonsulting.com

Mainstay Medical

Corporate Communications

Email: Media@mainstaymedical.com

Source: Mainstay Medical Holdings plc

FAQ

Who are the new independent board members of Mainstay Medical?

The new independent board members are Jeffrey Dunn and Eric Major.

What is the significance of Jeffrey Dunn's appointment to Mainstay Medical's board?

Dunn's extensive experience in medical devices and prior leadership at SI-BONE provides valuable insights for Mainstay.

How might the new board appointments impact SIBN stock?

The appointments may enhance operational strategy and growth potential, positively influencing SIBN's market performance.

What are the professional backgrounds of the new directors Dunn and Major?

Dunn co-founded SI-BONE and led its growth, while Major co-founded K2M Group, driving significant revenue before its acquisition.

What is the ReActiv8 device introduced by Mainstay Medical?

ReActiv8 is an implantable device designed to treat intractable chronic low back pain by addressing multifidus muscle dysfunction.