AIM-listed Creo Medical Group is to raise £35 million to accelerate its expansion plans.
The Chepstow-headquartered firm is a medical device company focused on the emerging field of surgical endoscopy.
It aims to create surgical devices which are safer for patients and less invasive.
Creo is looking to raise a minimum of £30m through a share placing offered to new and existing institutional investors, plus an additional £5m by way of an open offer which will be available to all qualifying shareholders.
All shares will be available at the issue price, with the proceeds going towards the development of the business.
This includes accelerating the commercial rollout of its products in the US, EMEA and APAC.
“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,” said CEO Craig Gulliford.
“This also means that we are well-funded to continue to explore further strategic acquisition opportunities, continue our research & development progress for new devices and allow us to undertake the clinical trials necessary to target markets in China and Japan.”
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