Creo Medical Group PLC First commercial orders for Speedboat (2615D)
June 25 2019 - 2:00AM
UK Regulatory
TIDMCREO
RNS Number : 2615D
Creo Medical Group PLC
25 June 2019
Creo Medical Group plc
("Creo" or the "Company")
First commercial orders for Speedboat
Creo Medical Group plc (AIM: CREO), a medical device company
focused on the emerging field of surgical endoscopy, announces that
it has received its first commercial orders for its Speedboat
device, the first in a range of gastrointestinal ('GI') devices to
be cleared for use with the CROMA Advanced Energy platform which
uniquely combines bipolar radiofrequency energy for precise tissue
dissection along with microwave energy for highly controlled
coagulation and tissue ablation.
The first purchase orders come from two US hospitals and follow
on from the successful roll out of the Company's Clinical Education
Programme in the US which has now trained seven leading GI
Endoscopists across six hospitals. The purchase orders are a
follow-on order of the disposable Speedboat devices following the
initial sales of products for training purposes.
These first commercial sales represent a key milestone for the
Company as it rolls out the full range of products for the CROMA
platform. Initial sales are in-line with expectations on pricing
and volume at this early stage of commercialisation where the focus
is on establishing clinical education centres in all the key
markets to continue the growth in excellent clinical outcomes and
adoption.
A growing number of GI Endoscopists in the UK, South Africa,
Mainland Europe and the US have now performed multiple successful
treatments, removing lesions in both upper and lower GI cases using
Creo's Speedboat device powered by the Company's CROMA Advanced
Energy platform.
Typically, instead of having to undergo surgery under general
anaesthetic, these patients needed sedation and were treated as day
patients. As a result, Speedboat helps to reduce the risks
associated with alternative open, laparoscopic and existing
endoscopic procedures, reducing the length of stay in hospital for
the patient and the cost of treatment by transferring therapy from
the operating theatre to the endoscopy room.
Craig Gulliford, Chief Executive Officer of Creo, commented:
"It's important to recognise this important milestone for the
Company. Having invested heavily in the development and regulatory
clearance with the first product, followed by establishing a class
leading professional education programme, this milestone marks the
point where we can start to commercially build on the potential
created with these foundations.
"Initial revenues from the first device this year is once again
in-line with expectations and combined with the clearance and
launch of a suite of further GI devices in the coming year, we are
on-track for scaling up the commercial launch of a suite of game
changing GI products.
"This is an exciting time for the team here at Creo, where the
hard work continues to pay-off as we reel in significant corporate
milestones but, more importantly, with the continued results for
our patients. We are all really focussed on extending this impact
with more physicians trained and with more products launched over
the coming months."
Creo Medical Group plc
Richard Rees (CFO) +44 (0)129 160 6005
Cenkos Securities +44 (0)20 7397 8900
Stephen Keys / Mark Connelly (NOMAD)
Michael Johnson / Russell Kerr (Sales)
Walbrook PR Ltd Tel: +44 (0)20 7933 8780 or creo@walbrookpr.com
Paul McManus Mob: +44 (0)7980 541 893
Lianne Cawthorne Mob: +44 (0)7515 909 238
About Creo Medical
Creo Medical, founded in 2003, is a medical device company
focused on the development and commercialisation of minimally
invasive surgical devices, by bringing advanced energy to
endoscopy. The Company's mission is to improve patient outcomes by
applying microwave and RF energy to surgical endoscopy. Creo has
developed CROMA, an electrosurgical advanced energy platform that
combines bipolar radiofrequency for precise localised cutting and
microwave for controlled coagulation. This technology provides
clinicians with flexible, accurate and controlled surgical
solutions.
The Company's strategy is to bring its CROMA platform to market
through a suite of medical devices which the Company has designed,
initially for the emerging field of GI therapeutic endoscopy, an
area with high unmet needs. The CROMA platform will be developed
further for bronchoscopy and laparoscopy procedures. The Company
believes its technology can impact the landscape of surgery and
endoscopy by providing a safer, less-invasive and more
cost-efficient option of treatment.
For more information about Creo Medical please see our website,
investors.creomedical.com
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END
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