Medical device firm Mainstay Medical International said it has agreed a debt facility of up to $15 million (€13.1 millon).

The company, which is developing an implantable medical device to help treat chronic low back pain, said the facility would allow it to continue to build momentum towards the commercialisation of the product, known as ReActiv8.

The debt facility is being provided by IPF Partners. The initial tranche of $4.5 million will be available immediately to mainstay, with the second and third drawn when the company hits certain milestones for ReActiv8.

All three tranches have repayment terms of 60 months, with interest-only payments for the first 12 months.