Medical devices company Mainstay Medical has raised €30.1m through a new share placing as it seeks to launch its back pain product in Germany and the US.
Amongst the investors is the State-backed Ireland Strategic Investment Fund, which has invested €10m in the company's latest financing round.
The company is quoted on the Irish Stock Exchange and is looking to bring to market its ReActiv8-B system, which treats chronic back pain.
Mainstay said it will use the funds to advance its business, and will focus on completing the US clinical study to get approval for ReActiv8 from the US Food and Drug Administration.
The money will also be used to advance the initial commercialisation of ReActiv8 in Germany and additional markets and to invest in early commercial activities in preparation for its launch in the US.
Mainstay also published its annual results this morning, with the company posting a pre-tax loss of $29.6m in 2017.
The company said its operating expenses related to on-going activities rose to $27.9m from $16.8m in 2016.
Revenues for the year to the end of December amounted to $0.3m compared to none in 2016.
The company's chief executive Jason Hannon said Mainstay's goals for the next two years are clear - complete the ReActiv8-B clinical study, file the PMA for ReActiv8 with the FDA, and build its commercial presence in 2018 for more meaningful commercial expansion starting in 2019.
"A key focus in 2018 will be building market awareness in Germany and developing reference sites who care for chronic back pain patients and believe in ReActiv8," Mr Hannon said.
"Over the next year we are targeting to have ten or more physician partners who have performed multiple implants, with whom we will work to expand market awareness and adoption, refine patient selection strategies and follow ongoing patient progress," he added.
