One of Wales' leading medical devices company, Creo Medical, has announced plans to raise over £30m to fund its continued global expansion. The Chepstow-based Alternative Investment Market listed firm is looking to fundraise a minimum of £25m via a conditional placing and subscription of new ordinary shares and a further £5.2m through an open offer.
It is hoped the funds will help the firm maintain momentum in the business following its significant operation progress last year, including the commercialisation of its electrosurgical devices. The directors also expect the funds to allow Creo to breakeven with its cash flow and achieve profitability.
Joint brokers Cenkos and Numis are leading the fundraiser. Last month, Proactive research analyst John Savin put £100m valuation on Creo in a research note on the group but added that Creo could be worth up to between £200-£250m.
