Fundraising lays path to cash flow positivity
Published: 09:12 09 Mar 2023 EST
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Creo Medical has conducted a placing, subscription, and open offer raising a total of £33.7mln gross. In February the company announced the issue of 13,136,800 new Ordinary shares through subscription, and 129,363,200 through a placing at £0.20/share. Fully realised, Creo raised a total of £28.5mln before expenses. Further, Creo offered 26,048,909 open offer shares at £0.20/share, raising £5.2mln. The new shares were expected to trade from 9 March. As stated in our last note, we expected Creo would need around £15-£20mln in further funding during 2023 as it moves towards positive 2025 cash flows due to investment in doctor training and the year-end cash position of £13.1mln. The fundraising has exceeded those expectations with the open offer being oversubscribed by about 32%. This should allow Creo to continue the development of its minimally invasive surgery devices as well as make crucial investments in training medical professionals to use its devices, and in commercialising its core technology and consumables to markets in the US, Asia, and Europe. |
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