This is the first significant fundraising for a medical devices company since late January 2010 when the market value of Cathryx fell by half, and late March 2010 when ChemGenex fell by a third.

Corrs partner Stephanie Daveson said the funds will assist the company in expanding its sales and reimbursement teams, and to market products in the United States.

“The equity raised through this transaction comes on the back of the approval by the American Medical Association of a code that allows doctors to categorise the service provided to patients using ImpediMed’s medical device, thus paving the way for reimbursement for the procedure by health funds.

“ImpediMed is currently the only company with products that meet the criteria to use this new code,” Daveson said.

ImpediMed’s technology assists clinicians in assessing lymphoedema, a side effect of lymph node removal, which can be experienced by breast and pelvic cancer survivors.

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Corrs has advised ImpediMed since 2005.