Creo Medical closes $8.45m in new financing round
Creo Medical, an emerging leader in electrosurgery, today announced the completion of its latest financing round totalling $8.45m, including new investor Pentax Medical (HOYA Group). Participants in this financing round also include existing investors Finance Wales, the Angel CoFund and individual angel investors. To date, Creo Medical has secured investment totalling $20.7m.
Described as ‘the first new electrosurgical platform in a generation’ the Creo Medical CROMA energy system provides a unique combination of super high frequency microwave energy for controlled coagulation and bipolar radiofrequency energy for precise soft tissue cutting, supporting a wide range of surgical instruments for applications such as therapeutic endoscopy, laparoscopic surgery and tumor ablation.
“We welcome our new investor Pentax Medical, identifying therapeutic endoscopy as a priority area they support Creo Medical’s vision to be leaders in electrosurgery. With this latest investment we are well positioned to complete US regulatory approval, build on our growing intellectual property portfolio and develop commercial traction in key global markets.” commented Craig Gulliford, CEO, Creo Medical
David Woods, Chief Marketing Officer, Pentax Medical remarked “We are pleased to be investing in an organization with a proven record of innovation in a business that aligns seamlessly with Pentax Medical’s cutting-edge flexible endoscopes portfolio. This investment grants us access to an innovative electrosurgical platform and accelerates Pentax Medical’s strategy of more effectively serving physicians and their patients in a rapidly evolving healthcare industry by expanding into the vital endoscopic therapy space.”
Dr Richard Thompson, from Finance Wales’ technology ventures team added, “Finance Wales is a long-term backer of Creo Medical, this being the latest in a number of investments. We are pleased to see the company making impressive progress."
Creo Medical’s technology platform supports the continuing evolution of advanced therapeutic endoscopy and other minimally invasive surgical techniques, driving improved outcomes for patients and reducing costs to healthcare providers.
About Creo Medical:
Creo Medical Ltd. based in Chepstow, UK designs, develops and manufactures a unique electrosurgery platform and range of instruments enabling advancements in therapeutic endoscopy and minimally invasive surgery, driving improved outcomes for patients.
The current product range provides a suite of therapeutic gastroenterology instruments for use via flexible endoscopy. The CROMA platform will enable evolution into other therapeutic areas such as laparoscopic surgery and interventional cancer treatment.
For more information please visit: www.creomedical.com
Kate Bucknall, Director Business Development, Creo Medical
About PENTAX Medical:
PENTAX Medical is a division of HOYA Group. Its mission is to improve the standard of patient care and quality of healthcare delivery by providing the best endoscopic products and services with a focus on quality, clinical relevance, and simplicity. Through leading edge R&D and manufacturing, PENTAX Medical provides endoscopic imaging devices and solutions to the global medical community. Headquartered in Japan, PENTAX Medical has a worldwide focus and presence with R&D, regional sales, service, and in-country facilities around the globe.
For more information please visit: www.pentaxmedical.com
Kaori Kawashima, GM, Global Marketing Communication, PENTAX Medical, HOYA Group
About Finance Wales:
Finance Wales was established by the Welsh Government in 2001 and provides commercial funding to small and medium-sized businesses throughout Wales to enable them to realise their potential for innovation and growth. Finance Wales Group is one of the UK’s largest SME investors and has invested over £353 million through more than 3,425 investments, managing funds in excess of £400 million. Finance Wales has invested in excess of £20m in the medical devices sector.
For more information please visit: www.financewales.co.uk
About Angel CoFund:
Launched in 2011, the Angel CoFund is a privately run fund that works alongside groups of business angels to invest in high growth small and medium sized businesses across the UK, directly providing funding as well as encouraging the expansion of the business angel market.
Supported by the British Business Bank, the £100m Angel CoFund is able to make initial investments of between £100,000 and £1 million into businesses, alongside syndicates of business angels.
To date the fund has supported 48 companies (for example Ventive, Yplan, Gousto, PlayJam and Micrima) providing over £25 million in direct investment alongside over £100 million from business angels and other investors.
For more information please visit: www.angelcofund.co.uk