13th March 2023

Shareholders Back Creo Medical Fundraising

Shareholders at Creo Medical have backed the medical device firm’s multimillion-pound fundraising.

The fundraising of more than £30m by Creo Medical Group has been named as Deal of the Month for February.

The listed company, which is focused on the emerging field of surgical endoscopy, raised £28.5m via a conditional placing and subscription to certain institutional and other investors.

An open offer has raised a further £5.2m.

A stock exchange statement from the business said it has therefore raised gross proceeds of approximately £33.7m, in aggregate, through a placing, subscription and open offer.

The fundraising is intended to enable Creo to progress into the next stage of the development and commercialisation of its minimally invasive electrosurgical devices.

The company also announced in the stock exchange statement that shareholders have backed the fundraising.

The statement added: “The company is pleased to announce that at its General Meeting held today all of the resolutions, as set out in the Circular dated 17 February 2023, were duly passed.”

In a statement when the fundraising was unveiled, Creo’s directors said they expected the additional funds will provide the business 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.

Cenkos Securities and Numis acted as joint bookrunner and joint broker.