Osborne Clarke advises Creo Medical on successful fundraise of up to £33.7 million

Published by

Peter Davison

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Bristol-based international legal practice Osborne Clarke has advised Creo Medical Group an AIM-quoted medical devices company focusing on the emerging field of surgical endoscopy, on a fundraising, consisting of a placing, subscription and open offer, raising gross proceeds of £33.7 million.

The net proceeds of the fundraise are expected to resolve Chepstow-based Creo's funding gap with the expectation of providing it with a pathway to being cash flow breakeven and, ultimately, to profitability. In particular, the new capital will allow Creo to:

provide the working capital required to accelerate the commercial roll out of its core technology products in the US, EMEA and APAC;
continue to develop its pipeline of commercial licensing and partnering opportunities via its Kamaptive licensing programme;
continue to develop the Company's IP portfolio
continue research and development to develop new devices for use in conjunction with Creo's CROMA Advanced Energy Platform; and
continue to expand and commercialise its range of Endotherapy consumable devices.
The fundraise was approved by shareholders at a general meeting on 8 March 2023.

Cenkos Securities is acting as Creo's nominated adviser and Cenkos and Numis Securities Limited are acting as joint brokers in connection with the placing and open offer.

The Osborne Clarke team was led by corporate partner Mark Wesker, who was assisted by senior associates Rebecca Ewing and Adam Turner and associate Olivier Jacquelin. Osborne Clarke also advised Creo on its previous fundraises in 2021 and 2019.

Osborne Clarke’s corporate team, which is Band 1 ranked for Capital Markets: AIM by Chambers, is considered a go-to practice for many companies (in the life sciences & healthcare sector and beyond), working with global businesses to fast-growth start-ups and market challengers.

The team advises at every stage of company development across all corporate issues, from equity and debt fundraisings to strategic M&A, IPOs and JVs.

Peter Davison

Peter Davison is deputy editor of The Business Magazine. He has spent his life in journalism – doing work experience in newsrooms in and around Bristol while still at school, and landing his first job on a local newspaper aged 19. By 28 he was the youngest newspaper editor in the country. An early advocate of online news, he spent the first years of the 2000s telling his bosses that the internet posed both the biggest opportunity and greatest threat to the newspaper industry and the art of journalism. He was right on both counts. Since 2006 he has enjoyed a career as a freelance journalist. He lives in rural Wiltshire with one wife, two children, and three cats.