Mainstay Medical has raised €30m as it begins the commercialisation of its ReActiv8 product across Europe.
The Dublin-based company told shareholders this morning that the amount had come from the placement of 2.3 million new ordinary shares.
ReActiv8 is an implantable treatment system for chronic lower back pain. It received CE approval in May.
Chief executive Peter Crosby has said that the newly-acquired funds will not only help Mainstay "progress" with ReActiv8's commercialisation, but also go towards a clinical B-trial to help gather data for the product's US approval application.
Mainstay is planning to focus on the German market, particularly large hospitals that boast a multi-disciplinary approach to treating the problem of back pain.
Mainstay explains its product thusly:
"ReActiv8 is a small implanted device which stimulates the nerves responsible for contracting the key muscles that stabilize the lower back.
"Similar to exercise programs used to restore muscle control, you deliver ReActiv8 sessions twice a day for about 30 minutes. During the sessions ReActiv8 will make the muscles in your lower back cycle between contraction and relaxation. You are always in control of the stimulation session via a handheld wireless remote control.
"Over time, the stimulated contractions may help your brain and body learn how to better control the muscles in between sessions. Restoration of muscle control and spine stabilisation allows your body to recover from chronic low back pain."
