Chepstow-based medical device company Creo Medical Group was welcomed to AIM on 9th December 2016, under the ticker 'CREO'.
The company raised £20m on admission, placing shares with institutional and other investors at 76p per share, which implied a market capitalisation of approximately £61m for the whole group.
Creo is focused on the development and commercialisation of minimally invasive surgical devices, initially in the areas of gastrointestinal (GI) surgery and lung cancer. Its CROMA surgical system combines bipolar radio-frequency for precise localised cutting and microwave energy for controlled coagulation.
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CEO Craig Gulliford said the funds will enable further development of the lead product range and enhance the development pipeline.
We are very excited to have received such strong support from UK and European investors in raising £20m. The AIM market in London has allowed us to attract the type of long-term institutional investors whose outlook fits nicely with our vision for the growth of the Company and execution of our business model. London is a great market and we believe the AIM market is an excellent platform from which we will continue to build a leading British medical device company.
CEO of Creo
The company said it has 76 patents granted and 184 pending, as well as 'a rich product pipeline' aimed at enhancing existing surgical techniques and offering new curative therapies.