News blog
ClearStream Technologies
- BY: Andrew Hore |
- POSTED: 05/04/2011 |
ClearStream Technologies has raised £1.9m gross at 48p a share in order to finance the purchase of medical products that can be added to the existing range.
The manufacturer of medical devices for minimally invasive surgery to clear clogged arteries and balloon catheters and stents used for heart procedures has appointed a new chief technology officer and complementary technologies are being considered for acquisition or licensing. These new products could be produced in the expanded factory.
There was strong growth in interim revenues – they increased from €5.9m to €9.1m – and ClearStream returned to profit. The new facility is open and this will increase capacity and should help to improve gross margins. Growth is continuing in the second half.
The placing was oversubscribed and management invested £150,000. At 49p a share, ClearStream is valued at £22.6m.
House broker FinnCap forecasts a profit of €1.3m in the year to July 2011.
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