The medical device company focused on bringing to market ReActiv8, an implantable restorative neurostimulation system to treat disabling chronic low back pain (CLBP), has named Jason Hannon to succeed Peter Crosby as CEO effective Oct. 9. Crosby is retiring at the end of October; Hannon will also become a director effective Oct. 9.
Hannon most recently served as president and chief operating officer of NuVasive Inc., a company focused on transforming spine surgery with minimally disruptive, procedurally-integrated solutions. His prior roles at NuVasive include executive vice president of International, executive vice president of Business Development and Strategy, and general counsel. During his 12-year tenure at NuVasive, the company’s commercial presence was expanded globally to more than 40 countries and revenue grew from $61 million to $962 million.
Mainstay Chairman Dr. Oern Stuge, said, “Mainstay has made tremendous progress since the founding of the company in 2008 under Mr. Crosby’s leadership, and as we move forward to the next phase we are delighted that Jason is joining as our new CEO. Jason’s broad medical device experience has spanned areas critical to the future success of Mainstay: commercialization of new products, penetration of new markets, product innovation, strategic and financial planning, raising capital, regulatory and clinical management and the building of a high-performance culture that will attract the most talented people to our company.”
In the brief period up to his retirement, Crosby will act as special adviser to the new CEO, and will continue to work with the company as a consultant through 2020. He will also continue to act as a director until retiring from the board on Sept. 22.
“Mainstay has developed a strong foundation in its scientific, clinical and regulatory accomplishments to date. The team has done the pioneering work to establish a new market—ReActiv8 seeks to help the body repair itself rather than merely masking pain. This has created the potential of bringing an entirely new option to people suffering from chronic back pain. I am impressed by the work done to get to this point, and I look forward to working with the entire team to advance the mission.”
The ReActiv8-B clinical trial is an international, multi-center, prospective randomized sham controlled blinded trial with one-way crossover conducted under an Investigational Device Exemption (IDE). Crosby led Mainstay in its development of ReActiv8 from concept to commercialization. He was recruited as the company’s first CEO in 2009 to build the firm and its team and to develop ReActiv8. Crosby led Mainstay through its Series A and Series B fundraisings to its initial public offering on Euronext Paris and the ESM of the Irish Stock Exchange in 2014, and its subsequent debt and equity fundraisings. In addition to fundraising, Crosby was a driving force in the development of ReActiv8 from concept stage through multiple clinical trials to CE Mark approval in 2016, start of the ReActiv8-B clinical trial to gather data for U.S. approval, and first commercialization in Germany and Ireland in 2017. “I am proud of what we have achieved as a team, and I am confident the company will be in good hands under Jason’s leadership," Crosby said. "I look forward to remaining involved with the company into the future, to ensure continuity with our employees, consultants and investigators.”
Dr. Stuge concluded, “On behalf of Mainstay’s board, management team and staff, I would like to thank Peter for his substantial contribution to the company’s growth over the last eight years. Peter’s tireless efforts in building the company from startup stage through multiple fundraisings, product development and clinical trials to initial commercialization has positioned the company well for the future. We look forward to continuing to work with Peter into the future.”
Mainstay is focused on bringing to market an implantable restorative neurostimulation system, ReActiv8, for people with disabling CLBP. The company is headquartered in Dublin, Ireland. It has subsidiaries operating in Ireland, the United States, Australia and Germany, and its ordinary shares are admitted to trading on Euronext Paris and the ESM of the Irish Stock Exchange.
One of the recognized root causes of CLBP is impaired control by the nervous system of the muscles that dynamically stabilize the spine in the low back, and an unstable spine can lead to back pain. ReActiv8 is designed to electrically stimulate the nerves responsible for contracting these muscles and thereby help to restore muscle control and improve dynamic spine stability, allowing the body to recover from CLBP. People with CLBP usually have a greatly reduced quality of life and score significantly higher on scales for pain, disability, depression, anxiety and sleep disorders. Their pain and disability can persist despite the best available medical treatments, and only a small percentage of cases result from an identified pathological condition or anatomical defect that may be correctable with spine surgery. Their ability to work or be productive is seriously affected by the condition and the resulting days lost from work, disability benefits and health resource utilization put a significant burden on individuals, families, communities, industry and governments.