Jason Hannon has been announced as successor to Peter Crosby as chief executive officer of Mainstay Medical. The transition will come into effect on October 9, 2017. According to a company release, this move was planned in association with Crosby’s upcoming retirement, due to take place at the end of October.
Hannon most recently served as president and chief operating officer of NuVasive. Prior to this, he served in multiple roles at the company over 12 years. His titles included executive vice president of International, executive vice president of Business Development and Strategy, and general counsel.
Hannon says: “Mainstay has developed a strong foundation in its scientific, clinical and regulatory accomplishments to date. The dedicated 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.”
Crosby to retire as chief executive officer and director
In the period up to his retirement date, Crosby will act as special adviser to the new chief executive officer. Continuing to work with the company as a consultant up to the end of 2020, he will act as a director until the conclusion of the company’s Annual General Meeting (22 September 2017).
Crosby led Mainstay in its development of ReActiv8 from concept to commercialisation. Recruited as the company’s first chief executive officer in 2009, he led Mainstay through its Series A and B fundraisings to its initial public offering. Mainstay was floated on Euronext Paris and the Enterprise Securities Market of the Irish Stock Exchange in 2014. Crosby took the company through its subsequent debt and equity fundraisings.
Development of ReActiv8
In addition to fundraising, Crosby aided in the development of ReActiv8 from concept stage through multiple clinical trials. The device attained CE mark approval in 2016, and initial commercialisation in Germany and Ireland in 2017. In the USA, the ReActiv8-B clinical trial is currently gathering data for Food and Drug Administration (FDA) approval.