One of Wales’ leading life sciences firms, Creo Medical, has announced it has raised £31.25m by way of a conditional placing, and subsequently launched an ‘open offer’ to raise an additional £5m.
The Chepstow headquartered and Alternative Investment Market firm, which specialises in devices in the emerging field of surgical endosocopy, made the announcement at its general meeting that all of the resolutions, as set out in the circular on August 16, 2021, were duly passed.
The company also said the results of the open offer, which closed for acceptances at 11am on September 3, 2021, was significantly oversubscribed and valid acceptances were received in respect of 6.6m open offer shares, representing 238.1%. of the open offer shares available under the open offer. The company raised gross proceeds of approximately £5.07 million through the open offer.
The funding will accelerate the rollout of its products in the US, Europe, Middle East and Africa and Australasia and Pacific regions, as well allowing it to explore potential strategic acquisition opportunities.
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Last year Creo acquired Spanish venture Albyn Medical, a specialist in the supply of gastrointestinal (GI) products to healthcare providers, for £25m.
It will also support the undertaking of clinical trials in the lucrative markets of Japan and China.
On its release to the London Stock Exchange the company said: "Application has now been made for a total of 19,899,184 new ordinary shares, to be issued pursuant to the placing and open offer to be admitted to trading on AIM.
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"It is expected that admission and dealings in the 19,899,184 new ordinary shares will commence at 8am on September 7, 2021. Following admission, the enlarged share capital of the company will consist of 180,901,186 ordinary shares.
"Therefore, the total number of voting rights in the company is 180,901,186 and this figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in the company, or there is a change to their interest in the company."