Creo Medical proposes GBP25.0 million placing and subscription

(Alliance News) - Creo Medical Group PLC on Thursday proposed a placing and subscription of new ...

Alliance News 16 February, 2023 | 11:22AM
Email Form Facebook Twitter LinkedIn RSS

(Alliance News) - Creo Medical Group PLC on Thursday proposed a placing and subscription of new shares to raise a minimum of GBP25.0 million, alongside a GBP5.2 million open offer.

The Chepstow, Wales-based medical device company focused on surgical endoscopy said the issue price of each share under the placing, subscription and open offer would be 20 pence per share.

Shares in Creo Medical plunged 18% to 22.88p in London on Thursday morning.

The number of shares to be issued under the placing and subscription was not disclosed, while it said up to 26.0 million new shares would be issued under the open offer.

Creo Medical said the proposed fundraise will be used to progress its development and commercialisation plans for its electrosurgical devices, which it claims are "minimally invasive".

This is alongside providing the company means to break even in its cash flow towards profitability and increased balance sheet strength.

"Over the last year we have demonstrated rapid growth in the core technology and product revenues coming out of the pandemic," said Chief Executive Officer Craig Gulliford. "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.

"These funds will allow us to continue to support the commercial scaling up of our core technologies, expand our Kamaptive programme, which is focussed on large markets with significant growth potential, and develop our endoscopic suite of products for roll out on a global basis."

Cenkos Securities PLC and Numis Securities Limited are acting as joint bookrunners and joint brokers for the three fundraises, Creo Medical added.

By Greg Rosenvinge, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.

Email Form Facebook Twitter LinkedIn RSS

Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Numis Corp PLC
Cenkos Securities PLC
Creo Medical Group PLC 36.83 GBX 0.90 -

About Author

Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.

© Copyright 2024 Morningstar, Inc. All rights reserved.

Terms of Use        Privacy Policy        Modern Slavery Statement        Cookie Settings        Disclosures