New Framework Distribution Agreements announced covering Spain and Benelux
New agreements covering Spain, the Netherlands, Belgium and Luxembourg enable the first shipment of products to mainland Europe
Creo Medical Group plc (AIM: CREO), a medical device company focused on the emerging field of surgical endoscopy, announces that it has entered into two further framework distribution agreements to provide clinical training and market seeding across the Spanish, Belgian, Dutch and Luxembourg markets for Creo's CROMA advance energy platform and Speedboat products, ahead of their full commercial launch in 2019.
Creo has signed an agreement with Spanish distributor, JJP Hospitalaria SL covering the Spanish market and an agreement with Netherlands based distributor STINNOW medical to cover Belgium, the Netherlands and Luxembourg ("Benelux").
Continuing Creo's education led commercial strategy, both distributors will collaborate with Creo over an 18-month period to advance the roll out of Creo's Clinical Education Programme across Spain and Benelux educating key clinicians in the use of Speedboat and the CROMA platform with the aim of ensuring quality control and best patient outcomes. Creo's Clinical Education Programme ensures that distributor trainers, having been carefully mentored by Creo's doctors and endoscopy nurses, can deliver training for clinicians at a consistently high standard. Key clinicians across Spain and Benelux have already been trained through Creo's Clinical Education Programme with a view to joining the Company's training faculty and establishing ongoing training in these markets.
In addition, each distributor will commence seeding their respective markets with Creo's products, with the ultimate objective of entering into a formal long-term distribution agreements once the seeding phase has completed. Both agreements require the respective distributors to purchase a minimum quantity of CROMA advance energy platforms and Speedboat products during the initial period, with the first products already having been shipped to Benelux.
These agreements follow on from similar agreements covering Asia-Pacific (APAC) as well as the UK and South Africa.
Creo's CROMA advanced energy platform combines bipolar radiofrequency for precise localised cutting and microwave energy for controlled coagulation. Speedboat is the first product approved in a suite of tools under development to aid the endoscopist in minimally invasive surgery. The Speedboat device helps reduce the risks associated with alternative open and laparoscopic procedures, reducing the length of hospital stays, cost of treatment and transfers therapy from the operating theatre to the endoscopy room.
Craig Gulliford, Chief Executive Officer of Creo, commented:
"Entering mainland Europe is an important milestone for Creo as we work towards commercialisation of our lead product, Speedboat, powered by our CROMA advanced energy platform. This will be the first time Creo has shipped products to these areas which we believe will be key markets for the Company. The signing of these agreements is in line with our strategy to grow our distribution network and reputation both in Europe and worldwide and will position us well as we strive to advance the emerging field of surgical endoscopy."