StockMarketWire.com - Medical device company Creo Medical said it had raised £43.0m to fund a continued to commercialise its technology for powering electrosurgical devices.

New shares in the company were offered at 180p each, an 8.9% discount to their closing price on Friday.

The company was also proposing to raise up to £6.6m from an open offer, at the same issue price.

Creo Medical said the proceeds would be used for working capital to provide a strong balance sheet to continue commercialisation of its Croma energy platform and associated devices.

The raising would also provide funds for a US commercialisation expansion including potential M&A, development of an IP portfolio in other areas and clinical trials for the Chinese and Japanese markets.

'The injection of additional funds ensures that we can fully capitalise on the growing opportunity that endoscopic surgery offers and will help to accelerate the commercial roll-out of our wider suite of patented electrosurgical devices powered by the Croma advanced energy platform,' chief executive Craig Gulliford said.

'This also provides us with a platform to explore potential strategic acquisition opportunities in areas where we can identify adjacent technologies or infrastructure that will support our ambitious growth plans.'


At 2:27pm: [LON:CREO] Creo Medical Group Plc share price was -15p at 182.5p



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