U.K.-based electrosurgery device developer Creo Medical said today it looks to raise $25.3 million (UK £20 million) in a U.K. initial public offering, expected to take place on December 9.
Creo Medical said it plans to offer shares at approximately 97¢ per share (UK £0.79), while the company has an estimated market capitalization of approximately $77.7 million (UK £61.3 million).
The company is developing minimally invasive surgical devices, initially focused on gastrointestinal surgery and lung cancer, using the company’s Croma system which combines bipolar radiofrequency and microwave energy technology.
Creo Medical said it has over 76 patents granted with 184 pending, and believes its addressable market to be approximately $1.4 billion per annum.
Funds raised in the offering will support general working capital and bringing existing products through development, regulatory clearance and commercialization.
“We are very much looking forward to successfully completing our IPO on AIM. Creo is dedicated to improving patient outcomes by bringing advanced energy to the emerging field of surgical endoscopy. By delivering advanced energy in a predictable and controlled manner, our technology will enable clinical interventions to move from the operating theatre to the lower acuity setting of the minimally-invasive endoscopy room. Our vision is to develop and commercialize our current suite of products based on the Croma electrosurgery platform, initially launching into the flexible endoscopy market, including GI and bronchoscopy. 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,” CEO Craig Gulliford said in prepared remarks. “We are excited to be embarking on the next stage of our development. We want to thank both our new and our existing shareholders for their support and look forward to updating the market with our progress as we continue to advance our pipeline of devices.”
The move is part of Pentax Medical’s plan to get into the endoscopic therapy device market, the Japan-based company said.