4th Dec 2019 17:35
(Alliance News) - Creo Medical Group PLC, a medical device company focused on the emerging field of surgical endoscopy, said Wednesday that it has raised GBP50 million via a previously announced share issue.
The company has issued 27.8 million shares at 180 pence per share pursuant to a share placing and a separate firm placing. In addition, Creo also intends to raise up to GBP6.6 million by way of a share open offer.
Creo plans to issue 3.7 million shares under its share open offer on the basis of 1 share for every 33 existing shares held at 180p per share.
Net proceeds from the fundraise will be used for working capital so as to strengthen Creo's balance sheet ahead of commercialisation of its CROMA Advanced Energy Platform of surgical endoscopy devices.
The money will also be used for Creo's US commercialisation expansion, with potential mergers and acquisitions, as well as the development of its intellectual property portfolio. Further, the funds will also help develop CROMA technology and assist in clinical trials for China and Japan, as well as research and development for new devices.
Creo Medical shares closed at 184.00p each on Wednesday, up 0.9%.
By Tapan Panchal; [email protected]
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