Creo Medica Group PLC said it plans to raise up to £30.2mln via a placing and open offer of shares to new and existing investors.
A total of £25mln will be via an accelerated book build organised by brokers Numis and Cenkos. Up to a further £5.2mln could be secured through an open offer of stock at 20p.
The funds will be directed towards accelerating the commercial roll-out of the company's core technology products in globally, as well as developing its pipeline of commercial licensing and partnering opportunities through its Kamaptive licensing programme.
Additionally, the new cash will be used to continue research and development of new devices for use with CROMA.
Specifically, it will invest to expand and commercialise its range of endotherapy consumable devices, develop the company's IP portfolio, and resolve the funding gap.
The goal is to provide the company with a pathway to being cash flow breakeven and, ultimately, profitable, the company said.
"Over the last year we have demonstrated rapid growth in the core technology and product revenues coming out of the pandemic,” Creo Medical chief executive Craig Gulliford said in a statement.
“We have seen excellent progress across our clinical adoption, Pioneer training programme, new product launches and partnering projects, and our Kamaptive partnerships with Intuitive and CMR Surgical, where our products are being adapted for use with robotic-assisted surgical platforms, continue to progress well.
“These funds will allow us to continue to support the commercial scaling up of our core technologies, expand our Kamaptive programme, which is focussed on large markets with significant growth potential, and develop our endoscopic suite of products for roll out on a global basis," he added.