Other participants in the round of financing are private equity groups including Easton Capital and Core Ventures.

The company will use the capital to finance commercialization of the its gammaCore, a non-invasive vagal nerve stimulation (nVNS) device, in European and global markets.

The non-invasive therapy device enables patients to self-administer vagal stimulation to the cervical branch of the vagus nerve, claims electroCore.

electroCore research VP Bruce Simon said the research has shown that the positive effects of individual 90-second doses can persist for several hours, making self-administration of the therapy a viable option for many patients.

"The potential now exists to bring this powerful treatment option to all patients, not simply to those willing to submit to surgery," Simon added.

The funds will also be used by the company to continue ongoing clinical trials of gammaCore in primary headache, and to expand discovery and development programs in other neurological and psychiatric fields.