Last checked at 3 Jun 2020 07:00
Creo Medical Group plc
("Creo" or the "Company")
Positive NHS health economics data
Savings of nearly £5,000 per procedure using Speedboat instead of traditional surgery
Creo Medical Group plc (AIM: CREO), the medical device company focused on the emerging field of surgical endoscopy, announces that initial data from the UK's leading user of the Company's Speedboat device demonstrates that the use of Speedboat can save NHS hospitals nearly £5,000 per procedure versus a traditional surgical outcome for patients. Health economic data analysed from a cohort of UK patient cases is estimated to have saved in excess of £400,000 of NHS funding in just one hospital.
The data demonstrates the health economic benefits for using the Company's CROMA Advanced Energy Platform with Speedboat, the first of Creo's suite of advanced energy devices designed for use in flexible endoscopy. Speedboat's advanced surgical procedures use endoscopy to remove gastrointestinal pre-cancerous lesions under sedation rather than a surgical outcome requiring general anaesthetic, hospital stay and a possible loss of organ function for the patient. The data validates both the intuitive savings one would expect as well as validating the analysis when Speedboat development first began.
The full data is expected to be published in October 2020 and the overall costs savings could be higher when the additional follow up costs associated with surgery is factored in. A further announcement will be made once the data is published in full.
Craig Gulliford, Chief Executive Officer of Creo, commented:
"We are pleased that the initial positive NHS health economics data further supports and validates the adoption of Speedboat procedures against the current standard of care, with the savings demonstrated being greater than were originally anticipated in our original i4i funding applications. The roll-out of our technology throughout the NHS, supported by our recently announced commercialisation agreement with the Department for Health, will empower endoscopists and surgeons to change the way they operate, bring significant benefits to their patients and releases funding for trusts to be deployed elsewhere."
Enquires:
Creo Medical Group plc | investors.creomedical.com |
Richard Rees (CFO) | +44 (0)1291 606 005 |
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Cenkos Securities plc | +44 (0)20 7397 8900 |
Stephen Keys / Cameron MacRitchie (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 / 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