A medical device company focussing on the development and commercialisation of innovative orthopaedic medical devices for the spine and trauma markets has joined AIM.

AOI Medical raised £8 million through the placing of 2.3 million new common shares with institutional and other investors at 344p each. The company has a market cap of some £29 million

The proceeds will fund the continued development of the company’s three key technology platforms, BAMF Spine, BAMF Trauma and Cervical Plate. It will also be used to fund business development and marketing expenditure for its technologies and fund the development of AOI Medical’s initial marketing and sales infrastructure in the US.

“The funds raised will enable us to develop further and commercialise our orthopaedic products to compete in the large and fast-growing spine and trauma markets,” said AOI chief executive William Christy.

Numis Securities acted as nominated adviser, broker and joint bookrunner to the company with Cowen International. Numis was led by Bruce Garrow and David Poutney.

The reporting accountant was Mike Bishop, director of Nexia Smith & Williamson, with LarsonAllen’s Orlando office providing audit services.

Both Smith & Williamson and LarsonAllen are members of Nexia International, a network of independent auditors, business advisers and consultants, and the two firms worked closely together on the deal.

AOI’s global legal adviser was Greenberg Traurig.