Medical devices firm planning expansion after raising £33.7m
A medical devices firm which has offices in Bath and Chepstow has raised over £33m as it looks to expand overseas.
A team at Bristol law firm Osborne Clarke advised Creo Medical Group PLC on the deal.
The AIM listed medical devices company is focussed on the emerging field of surgical endoscopy.
It has recently completed a fundraising, consisting of a placing, subscription and open offer, raising gross proceeds of £33.7m.
The proceeds of the fundraise are expected to resolve Creo’s funding gap with the expectation of providing it with a pathway to being cash flow breakeven and, ultimately, to profitability.
The new capital will also allow Creo to provide the working capital required to accelerate the commercial roll out of its core technology products in the US, EMEA and APAC.
The company is also planning to continue to develop its pipeline of commercial licensing and partnering opportunities via its Kamaptive licensing programme.
Mark Wesker
It will continue research and development to develop new devices for use in conjunction with Creo’s CROMA Advanced Energy Platform.
The fundraise was approved by shareholders at a general meeting on 8 March 2023.
Cenkos Securities acted as Creo’s nominated adviser and Cenkos and Numis Securities Limited acted as joint brokers in connection with the placing and open offer.
The Osborne Clarke team that advised on this transaction was led by corporate partner Mark Wesker, who was assisted by senior associates Rebecca Ewing and Adam Turner and associate Olivier Jacquelin.
Osborne Clarke also advised Creo on its previous fundraises in 2021 and 2019.
