Last checked at 25 Jun 2019 07:00
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 |
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Richard Rees (CFO) | +44 (0)129 160 6005 |
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Cenkos Securities | +44 (0)20 7397 8900 |
Stephen Keys / Mark Connelly (NOMAD) |
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Michael Johnson / Russell Kerr (Sales) |
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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