Medtech firm Creo Medical raises £11m to support expansion plans
Medtech firm Creo Medical has successfully raised £11m to support its growth plans following the placing of new shares with its major institutional shareholders. The Chepstow headquartered business, which is listed on the Alternative Investment Market, is also looking to raise a further £5m through a retail offer.
The company, which is focused on emerging field of minimally invasive surgical endoscopy for pre-cancer and cancer patients, is also selling 51% in Creo Europe to Chinese firm Micro-Tech, which is the market leader in endoscopic medical devices in China with annual sales of around £250m. Subject to regulatory approvals in China and Europe the acquisition is expected to be signed off early next year. On completion Creo Medical will receive cash proceeds of around £25.2m.
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