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 and retail offer to raise gross proceeds of up to £17m, which was announced on 30 September 2024.
The fundraise, which follows the entry by Creo into a binding agreement for the divestment of 51% of the issued share capital of wholly owned subsidiary Creo Medical S.L.U. to endoscopic medical device manufacturer Micro-Tech on which a cross-jurisdictional Osborne Clarke team is currently advising, is conditional upon shareholder approval at a general meeting to be held on 18 October 2024.
The net proceeds from the fundraising are intended to be used by Creo to:
- provide the working capital required as a mitigation against the divestment completion risk;
- continue to develop Creo's technology to meet exponential growth in usage demand from current Speedboat [1] usage growth pattern and roll-out new products into the market; and
- provide balance sheet strength for future growth as Creo continues to roll out its defined med-tech strategy.
Cavendish Capital Markets Limited (Cavendish) is acting as Creo's nominated adviser and Cavendish and Numis Securities Limited (t/a Deutsche Numis) are acting as joint brokers in connection with the placing. Cavendish is also acting as retail offer co-ordinator in connection with the retail offer.
The Osborne Clarke team that is advising on this transaction is being led by Corporate Partner Mark Wesker and Associate Director Ed Nisbet who are being assisted by Associates Elizabeth Britchford and Sophie Mullarkey and Trainee Cordelia Lupson. Osborne Clarke also advised Creo on four previous fundraises.
Osborne Clarke's Corporate team, which is ranked in the top tiers by both Chambers and Partners and the Legal 500 for AIM, is considered a go-to practice for many companies in the life sciences & healthcare sector and beyond. Its clients range from 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.
[1] Creo's Advanced Energy multi-modal instrument designed for flexible endoscopy that can deliver both advanced bipolar RF and super high frequency microwave energy from a single device
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