CORIN Group, a leading manufacturer of orthopaedic devices based in Cirencester, is to float on the London Stock Exchange next month.

It is proposing to raise £22 million through a placing of ordinary shares, valuing Corin at approximately £40 million.

The group employs 160 people and has a worldwide distribution network covering more than 50 countries, including the US, Germany and Japan where Corin has established its own sales operations.

Its products are made at the group's 30,000 square foot modern manufacturing operations, with sufficient capacity to meet medium term growth projections.

Corin develops, manufactures, and distributes a range of leading edge reconstructive orthopaedic devices, predominantly hips and knees to over 50 countries worldwide.

Its principal focus is on joint replacement for the treatment of degenerative arthritis, with increasing emphasis on the young active patient.

Peter Gibson, executive chairman of Corin, said: "The flotation of Corin is a major step in our development, as it will raise our profile at exactly the right time.

"We have spent our early years building up critical mass, credibility and technological excellence.

"We are now ready to use those competitive strengths to make major inroads into a global market, whose future growth is underpinned both by attractive demographics and by the technological innovation inherent in our products."

Founded in 1985, Corin is an established manufacturer of orthopaedic devices, exploiting new technology emerging from UK universities and centres of clinical excellence.

It targets four key areas in the orthopaedic market: joint replacement, trauma and sports injuries, spinal implants and orthopaedic theatre disposables.

Its main customers are orthopaedic surgeons and clinicians.

The firm believes it has a demonstrable clinical track record which is vital in this industry as it presents a significant barrier to would-be competitors.

Corin also has a strong financial track record, having grown sales almost continuously since its incorporation.

For the year ended December 31, 2001, its sales rose by 10 per cent. to £14.09 million. In the year 2000 it was £12.80 million.

Profit before tax increased approximately 50 per cent.