Osborne Clarke advises Creo Medical on successful fundraise of up to £33.7m

International legal practice Osborne Clarke has advised Creo Medical Group PLC (" Creo "), an AIM-quoted medical devices company focusing on the emerging field of surgical endoscopy, on a fundraising, consisting of a placing, subscription and open offer, raising gross proceeds of £33.7m.

The net proceeds of the fundraise are expected to resolve Creo's funding gap with the expectation of providing it with a pathway to being cash flow breakeven and, ultimately, to profitability. In particular, the new capital will allow Creo to:

• provide the working capital required to accelerate the commercial roll out of its core technology products in the US, EMEA and APAC;
• continue to develop its pipeline of commercial licensing and partnering opportunities via its Kamaptive licensing programme;
• continue to develop the Company's IP portfolio;
• continue research and development to develop new devices for use in conjunction with Creo's CROMA Advanced Energy Platform; and
• continue to expand and commercialise its range of Endotherapy consumable devices.

The fundraise was approved by shareholders at a general meeting on 8 March 2023.

Cenkos Securities PLC (" Cenkos ") is acting as Creo's nominated adviser and Cenkos and Numis Securities Limited are acting as joint brokers in connection with the placing and open offer.

The Osborne Clarke team that advised on this transaction was led by Corporate Partner Mark Wesker , who was assisted by Senior Associates Rebecca Ewing and Adam Turner and Associate Olivier Jacquelin. Osborne Clarke also advised Creo on its previous fundraises in 2021 and 2019.

Osborne Clarke’s Corporate team, which is Band 1 ranked for Capital Markets: AIM by Chambers, is considered a go-to practice for many companies (in the life sciences & healthcare sector and beyond), working with global businesses to fast-growth start-ups and market challengers. The team advises at every stage of company development across all corporate issues, from equity and debt fundraisings to strategic M&A, IPOs and JVs.