Creo Medical Group, a Chepstow-based medtech working in the surgical endoscopy sector, is looking to raise £35 million in order to fund its future expansion plans.
The AIM-listed firm is planning to raise at least £30 million via a share placing for existing and new institutional investors and £5 million through an open offer available to any qualifying shareholders. Shares will be sold at their issue price and the proceeds raised will contribute to Creo’s future development.
The company, which seeks to develop less invasive, safer surgical devices, is looking to accelerate the commercial rollout of its products in the Europe, Middle East and Africa (EMEA) region, as well as in Asia-Pacific (APAC) and the USA.
Commenting on the planned fundraising, Creo’s CEO Craig Gulliford said: “These additional funds will be used to accelerate the commercial roll-out of our suite of patented electrosurgical devices powered by our CROMA Kamaptive Energy Platform technology, but also provide us with the means to develop this portfolio to allow full integration with some of the leading robotic surgery technologies.
“This also means that we are well-funded to continue to explore further strategic acquisition opportunities, continue our research and development progress for new devices, and allow us to undertake the clinical trials necessary to target markets in China and Japan.”