Medical device manufacturer Creo Medical has raised £48.5m through a share placing in a move to accelerate the commercialisation of its products.

Insider Media reports the company, which is headquartered in Chepstow, is aiming to produce specialist tools for the emerging field of surgical endoscopy.

The net proceeds of the placing are expected to be up to £46m and some finance will also support acquisitions.

Craig Gulliford, Creo Medical chief executive, said “We would like to thank both existing and new shareholders for their support. The monies raised will enable us to accelerate our commercialisation 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 mergers and acquisitions. 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.”