Creo Medical, a UK-based medical device developer backed by medical device company Pentax Medical, has raised £20m ($25m) through a placing ahead of a planned listing on Aim on December 9 2016.
In a regulatory filing yesterday, Creo said it has conditionally raised £20m through a placing at a price of £0.76 a share, which would yield a market capitalisation of about £61.3m upon admission to Aim.
The listing will provide an exit for Finance Wales and UK government-backed Angel CoFund, a £100m fund set up in 2011 to bolster the nation’s business angel investment market.
Founded in 2002 as MicroOncology, Creo develops minimally invasive surgical treatments for cancer, using semiconductor devices capable of generating high-frequency microwave and radiowave energy to remove cancerous tissue.
Creo’s pipeline is intended for endoscopic use in three areas: lower gastrointestines, upper gastrointestines and the lungs.
Proceeds will be used to complete the development of Creo’s main products and to fund further R&D. Creo has regulatory approval in Europe for its Croma platform, specifically for use in radiofrequency cutting, and is now seeking US regulator Food and Drug Administration’s approval.
Creo closed an $10m funding round in September 2015 from Finance Wales, Angel CoFund and medical device maker Pentax Medical. In 2014, Finance Wales, Angel CoFund, the Arete Angel syndicate and private backers committed $5.5m to Creo.
Cenkos Securities is serving as sole adviser and broker to Creo for the initial public offering.
– This article first appeared on our sister site Global Government Venturing.