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Creo Medical Raises GBP20 Million As Oxford BioDynamics Starts Trading (ALLIPO)

[ 06 Dec 2016 11:05 ]

LONDON (Alliance News) - Creo Medical Group PLC on Tuesday said it has conditionally raised GBP20.0 million ahead of its AIM listing on Friday, as Oxford BioDynamics PLC started trading on the London junior market.

Creo is a Chepstow, South Wales-based surgical endoscopy specialist. It has developed an electrosurgical platform able to deliver microwave and bipolar radiofrequency through a single accessory port.

This makes it possible to carry out endoscopic surgery, a recent development in the field of minimally invasive surgery, by allowing miniature devices to cut, coagulate and ablate with precision, Creo said.

The company already had announced its plans to float on AIM and on Tuesday confirmed it has raised GBP20.0 million via a placing at 76.00 pence per share. Its market capitalisation upon admission on Friday will be around GBP61.3 million.

The proceeds from the listing will be used for general working capital purposes and to allow the group to continue development of its product portfolio.

Creo also said HOYA Group PENTAX Medical, a Japan-headquartered medical devices firm, has invested in the IPO, though did not provide any details on how much was invested.

"These funds will allow us to complete development of our lead product range and advance our exciting development pipeline to address a growing billion dollar market. We believe we are well positioned to be a leader in this market, and to significantly improve patient outcomes by providing safer, less-invasive and more cost-efficient treatment options," said Creo Chief Executive Craig Gulliford.

Meanwhile, Oxford BioDynamics shares were trading slightly lower as the company made its debut on AIM on Tuesday.

The firm, which makes epigenetic biomarkers designed to accelerate the drug discovery and development process, issued 4.5 million shares at 158.00 pence per share to raise GBP7.1 million.

Another 8.2 million existing shares were sold by existing shareholders, meaning the total gross value of the placing was GBP20.0 million. The company's market capitalisation upon admission was around GBP136.0 million.

On Tuesday, shares in the firm were trading slightly lower than the float price at 156.00p.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance

Copyright 2016 Alliance News Limited. All Rights Reserved.


Creo Medical Raises GBP20 Million As Oxford BioDynamics Starts Trading (ALLIPO) - Alliance News

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