Transaction Highlights

• Proposed Placing, significantly oversubscribed, to raise up to £48.5 million, in aggregate, before expenses, through the issue of up to 38,800,000 new ordinary shares at the Placing Price of 125 pence per Ordinary Share
• Up to £5 million (before expenses) raised through the EIS/VCT Placing, £3.5 million (before expenses) through the Additional EIS/VCT Placing and £40 million (before expenses) through the Non VCT/EIS Placing
• Expected net proceeds receivable by the Company from the Placing of approximately up to £46 million
• The Placing is conditional, inter alia, upon the Company obtaining approval from its Shareholders to disapply statutory pre-emption rights and to grant the Board authority to allot the Placing Shares and Admission.  The Additional EIS/VCT Placing (but not the EIS/VCT Placing or the Non VCT/EIS Placing) is conditional on Additional VCT Advanced Assurance being obtained from HMRC.

Since the Company was admitted to trading on AIM in December 2016, it has made significant progress against all of the strategic objectives set out at that time and continues to execute against its plans with a view to a full commercial launch in 2019. In particular, the Company has gained FDA clearance and CE Mark accreditation for its CROMA advanced energy electrosurgery platform and Speedboat RS2 device, trained 34 clinicians to date, commenced procedures with patients under mild conscious sedation enabling same day discharge for routine follow up and undertaken a FDA pre-submission meeting with the FDA for its flexible ablation device.

Proceeds of the fundraising will enable the Group to:

• extend the Company’s Clinical Education Program both by the Company and in conjunction with select distribution partners globally;
• increase the number of distribution agreements with third parties and partners worldwide;
• accelerate the roll out of its products;
• extend the Company’s existing manufacturing capability to support the extension of the Clinical Education Program and product roll out;
• increase product line / range;
• accelerate US roll out by seeking to establish a presence in the United States;
• strengthen the Company’s balance sheet to support distribution and strategic partnerships; and
• facilitate the exploration of potential strategic M&A.

 A General Meeting of the Company will be held at the offices of Osborne Clarke LLP, One London Wall, London EC2Y 5EB at 10.00 a.m. on 1 August 2018.

Further details of the Placing are set out below.  Defined terms used in this announcement are set out at the end of the announcement

A circular is being posted to shareholders today (the “Circular”).  The Circular set outs the background to and reasons for the Placing, which will be available on the Company’s website: