Last checked at 20 May 2020 07:00
Creo Medical Group plc
("Creo" or the "Company")
Commercialisation Agreement
Creo Medical Group plc (AIM: CREO), the medical device company focused on the emerging field of surgical endoscopy, announces that it has signed a commercialisation agreement with the Department of Health and Social Care to provide NHS Hospitals with access to the Company's CROMA Advanced Energy Platform ("CROMA") and associated devices for use in Gastrointestinal ("GI") therapeutic endoscopy at preferential rates for a limited period.
The National Institute for Health Research ("NIHR") Invention for Innovation ("i4i") Programme supported certain development projects that Creo undertook via a series of funding awards between 2010 and 2015, totalling close to £2 million. In accordance with the terms of such funding, Creo has entered into this commercialisation agreement, which is designed to aid the roll-out of CROMA and accompanying consumable GI devices in the UK. The agreement also provides for training for clinicians and nurses on the use of Creo's suite of advanced energy surgery products.
About CROMA and its suite of GI devices
The Company's CROMA Advanced Energy Platform, powered by its unique full spectrum adaptive technology for a suite of matched medical devices, is initially focussed on the emerging field of GI therapeutic endoscopy, an area with high unmet needs. CROMA provides clinicians with flexible, accurate and controlled surgical solutions by delivering bipolar radiofrequency for precise localised cutting and microwave for controlled coagulation to matched miniature flexible devices which the Company believes offers a safer, less-invasive and more cost-efficient option of treatment than current techniques. The original i4i financial support was granted on the basis that hospitals would make savings per procedure through the use of CROMA and its suite of GI devices.
The commercialisation agreement covers the wider suite of Creo's GI devices, namely Speedboat, for precise tissue dissection and ablation; HS1*, a non-stick haemostasis device; and RG*, a bipolar radio frequency scissors device that can combine microwave energy for controlled coagulation. (*internal nomenclature)
Craig Gulliford, Chief Executive Officer of Creo, commented:
"We are delighted to reach a commercialisation agreement with the Department of Health and Social Care which will enable us to roll-out our game-changing devices throughout the NHS, empowering endoscopists and surgeons to change the way they operate bringing significant benefits to their patients. We are hugely grateful for the support of NIHR in the development of our CROMA platform and suite of devices and look forward to increasing the adoption of our products in our home market."
Martin Hunt, Programme Director of NIHR i4i, said:
"The NIHR first recognised the potential of Creo Medical's surgical endoscopy technology 10 years ago and has supported the development of the devices - and the growth of the Company - ever since. NIHR's long term funding for this innovative team means that a new treatment will be available to NHS patients up and down the country, exemplifying how NIHR helps translate discoveries into improved treatments and services."
Enquires:
Creo Medical Group plc | investors.creomedical.com |
Richard Rees (CFO) | +44 (0)1291 606 005 |
|
|
Cenkos Securities plc | +44 (0)20 7397 8900 |
Stephen Keys / Cameron MacRitchie (NOMAD) |
|
Michael Johnson / Russell Kerr (Sales) |
|
|
|
Walbrook PR Ltd | Tel: +44 (0)20 7933 8780 or creo@walbrookpr.com |
Paul McManus / Lianne Cawthorne | Mob: +44 (0)7980 541 893 / +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 Advanced Energy Platform powered by unique full spectrum adaptive technology to market enabling 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 Advanced Energy 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