Mainstay Medical, a medical device company, has raised €30m through a placing of shares with both new and existing shareholders. 

The company, which is quoted on the Irish Stock Exchange, is looking to bring to market a product to treat chronic back pain.

It said it will use the proceeds of the placing to support commercialisation of its product in Europe and to fund clinical trials in the US.

In a statement, Mainstay Medical said that KCK subscribed for about 50% of the new shares for about €15m.

KCK is a family investment fund that invests in a diverse set of industries, including medical technologies. 

"This fundraising will allow us to further progress towards our objectives of commercialisation of ReActiv8 in Europe and the United States, and help improve the lives of millions of people who suffer from chronic low back pain," commented Peter Crosby, the company's chief executive. 

"We thank our existing investors for their continuing support, and we are proud to welcome KCK as the cornerstone investor for this fundraising, as well as several other new investors in Mainstay," he added.