The Chepstow, Wales-based company said it sold approximately 38.8 million shares at $1.66 per share (GBP £1.25) and that the placements were “significantly oversubscribed.”
Creo Medical said it expects to see net proceeds from the offering of approximately $60.9 million. Cenkos Securities acted as the placement agent during the offering, Creo said.
Funding from the round will be used to support the company’s clinical education program, to add additional distribution agreements, to accelerate product commercialization, extend manufacturing and product lines and for future potential strategic mergers and acquisitions, the company said.
“We would like to thank both existing and new shareholders for their support. The monies raised will enable us to accelerate our commercialization strategy, complete the development of our existing surgical suite of minimally invasive instruments and develop new products, as well as attract partners and enable the potential for strategic M&A. We believe that our CROMA advanced energy electrosurgery platform and range of devices are at the vanguard in the evolution of minimally invasive surgical procedures for gastro-intestinal diseases, with our first product, Speedboat, already transforming outcomes for patients and hospitals here in the UK. Creo is rapidly building a reputation as a future leader in this growing billion dollar market,” CEO Craig Gulliford said in a press release.
Earlier this month, Creo Medical said it hoped to raise $26 million or more as it preps for a full commercial launch next year for its Speedboat RS2 electromagnetic surgery device.