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Kalkine Media ASX Share Market News & Research

Creo Medical Secures £12 Million to Fuel Growth and Target Break-Even

October 01, 2024 10:05 AM EEST | By Team Kalkine Media
Creo Medical Secures £12 Million to Fuel Growth and Target Break-Even
Image source: Shutterstock

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Highlights

  • Creo Medical Group PLC successfully raises £12 million through a share placement to support growth.

  • Additional stock offerings could generate up to £5 million, bringing total funding to £40 million.

  • Funds will facilitate increased production and development of the Speedboat product for minimally invasive surgeries.

Creo Medical Group PLC {LSE:CREO} has announced the successful raising of £12 million through a share placement, a strategic move designed to accelerate the growth of its innovative medical technology. The funding will enable the company to meet the rising global demand for its Speedboat product, which is utilized in minimally invasive surgical procedures.

In addition to the share placement, an offer of new stock to private investors could potentially raise up to £5 million. Together with proceeds from the recent sale of a 51% stake in Creo Europe (formerly Albyn Medical), the company anticipates total available funds to reach £40 million. This financial backing is expected to provide sufficient resources to guide Creo Medical toward profitability.

CEO Craig Gulliford emphasized that the net proceeds from this fundraising initiative will play a crucial role in scaling the company’s technology and enhancing its product offerings. He noted the importance of being well-funded to capitalize on growth opportunities in collaboration with strategic partners, which will help drive revenue for core products.

The newly issued stock was priced at 26.75p, reflecting a 10.3% discount to the closing price from the previous Friday. This placement represents a significant step forward in strengthening Creo Medical’s balance sheet and positioning the company for future growth in the competitive medical technology landscape.

 

 

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