Chepstow-based medical device company Creo Medical Group (LON:CREO) is to list on Aim, raising £20mln in the process through a share placing.
The company has conditionally placed the shares with institutional and other investors at 76p a pop, which would indicate a market capitalisation for the whole of the group of £61.3mln.
The shares are set to list on London’s junior market on Friday of this week.
Creo is focused on the development and commercialisation of minimally invasive surgical devices, initially in the area of gastrointestinal (GI) surgery and lung cancer.
Its CROMA surgical system combines bipolar radio-frequency for precise localised cutting and microwave energy for controlled coagulation.
The company said it has 76 patents granted and 184 pending, plus it has “a rich product pipeline” aimed at enhancing existing surgical techniques and offering new curative therapies.
“Our vision is to develop and commercialise our current suite of products based on the CROMA electro-surgery platform, initially launching into the flexible endoscopy market, including GI and bronchoscopy,” said Craig Gulliford, chief executive officer of Creo.
"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,” Gulliford added.