London Stock Exchange welcomes Creo Medical to AIM
London Stock Exchange welcomed Creo Medical Group plc (“Creo” or the “Company”) to the start of dealings in its shares and admission to the AIM market, today, 9 December 2016, under the ticker CREO.
Creo Medical is a medical device company focused on the exciting and emerging field of surgical endoscopy, marking a recent development in minimally-invasive surgery. The Company aims to improve medical intervention outcomes by applying microwave and radiowave energy to surgical endoscopy. The Company’s innovative surgical system CROMA will support multiple purpose-designed devices and combines bipolar radiofrequency for precise localised cutting and microwave for controlled coagulation. This allows the delivery of precise, accurate and controlled surgical solutions with reduced complexity and duration of surgery whilst improving outcomes more cost effectively.
Creo has raised £20 million before expenses through a placing with institutional and other investors at a placing price of 76 pence per ordinary share. Creo’s market capitalisation on admission, based on the Placing Price, is approximately £61.3 million.
The Company intends to use the net proceeds of the IPO to complete development of the lead product range and advancement of their pipeline, as well as fund research and development into further applications of the products. Additionally, the net proceeds will be used to expand the regulatory clearance for the CROMA electrosurgery platform and complete the FDA regulatory pathway for the US market. The Company also plans to build business development resources for Europe and the US ahead of the launch of the CROMA electrosurgery platform and the GI suite.
Craig Gulliford, Chief Executive Officer of Creo, said:
“We are very excited to have received such strong support from UK and European investors in raising £20 million. 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.
“We are dedicated to improving patient outcomes by bringing advanced energy to the emerging field of surgical endoscopy and with the proceeds raised from the IPO, we can complete the development of our lead products and advance our other products. Our journey as a public company begins today and we are excited for the Company’s future prospects.”
Cenkos Securities plc acted as sole Nominated Adviser and Broker to Creo for the IPO.