Creo Medical (CREO): Initiation - Providing ene...

Edison Investment Research Limited Creo Medical (CREO): Initiation - Providing energy for endoscopic surgery 05-Oct-2021 / 07:00 GMT/BST London, UK, 5 October 2021 Creo Medical (CREO): Initiation - Providing energy for endoscopic surgery We are initiating coverage of Creo Medical, which is developing and commercialising minimally invasive electrosurgical devices. Its CROMA platform delivers a combination of bi-polar radiofrequency (RF) and microwave energy for the purpose of dissection, resection, ablation and haemostasis of diseased tissue. The initial focus will be on gastrointestinal (GI) procedures but will expand into soft tissues (such as the pancreas) and pulmonology. The company has had all six products within the CROMA platform CE marked and four are also cleared for use by the FDA, with the other two expected to be cleared in the coming months. We value Creo Medical at £434m or 240p per basic share using a risk-adjusted net present value (NPV) model. The vast majority of the value is attributable to the CROMA platform (especially the GI market) with the remainder divided between the value of Albyn Medical and net cash. Creo Medical had reported that it had £30.6m in cash and £10.7m in debt at the end of H121 and raised £36.3m in gross proceeds in a Q321 placement and open offer.  Click here to view the full report or here to sign up to receive research as it is published. All reports published by Edison are available to download free of charge from its website www.edisongroup.com About Edison: Edison is a leading research and investor relations consultancy, connecting listed companies to the widest pool of global investors. By focusing on the volume and quality of investors reached - across institutions, family offices, wealth managers and retail investors - Edison can create and gauge intent to purchase, even in the darkest pools of capital, and then make introductions via non-deal roadshows, events or virtual meetings. Having been the first in-market 17 years ago, Edison now has more than 100 analysts covering every economic sector. Headquartered in London, Edison also has offices in New York, Frankfurt, Amsterdam and Tel Aviv and a presence in Athens, Johannesburg and Sydney. Edison is authorised and regulated by the Financial Conduct Authority. Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities. For more information, please contact Edison: Maxim Jacobs [phone] [e-mail] Jyoti Prakash [phone] [e-mail] Learn more at www.edisongroup.com and connect with Edison on:  LinkedIn  www.linkedin.com/company/edison-group-/ Twitter   www.twitter.com/Edison_Inv_Res YouTube  www.youtube.com/edisonitv Dissemination of a CORPORATE NEWS, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.

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