Creo Medical, a medical device company focused on the emerging field of surgical endoscopy, has announced a £30 million fundraising round.
The South Wales based listed company, is raising a minimum of £25m via a conditional placing and subscription of new ordinary shares at the issue price of 20 pence per share to certain institutional and other investors. In addition, a proposed open offer, which will be available to all qualifying shareholders on the record date, will raise up to approximately £5.2m.
The new cash injection will enable Creo to progress into the next stage of the development and commercialisation of its minimally invasive electrosurgical devices.
The firm says the fundraising will provide it with a pathway to being cash flow breakeven and, ultimately, to profitability as well as give comfort to existing customers, suppliers and partners of increased balance sheet strength.
Craig Gulliford, chief executive of Creo, said:
“We're delighted to announce the launch of this funding round which will not only provide us with the working capital to accelerate the roll out of our core technology, but will also resolve the funding gap to provide us with a pathway to being cash flow breakeven and, ultimately, to profitability.
“Over the last year we have demonstrated rapid growth in the core technology and product revenues coming out of the pandemic. We have seen excellent progress across our clinical adoption, Pioneer training programme, new product launches and partnering projects, and our Kamaptive partnerships with Intuitive and CMR Surgical, where our products are being adapted for use with robotic-assisted surgical platforms, continue to progress well.
