Welsh Government visit showcases Creo’s Medtech innovation
Creo Medical was pleased to welcome Vaughan Gething AM, the Welsh Government’s Cabinet Secretary for Health and Social Services, to its design and manufacturing facilities in Chepstow, Wales on Friday 12 October 2018.
During the visit Creo was able to showcase its CROMA electrosurgical platform, as well as its Speedboat device, the Company’s first product approved in a suite of tools under development to aid endoscopists in minimally invasive surgery. CROMA combines bipolar radiofrequency for precise localised cutting and microwave energy for controlled coagulation. The Speedboat device, initially designed for use in the field of Gastrointestinal ("GI") therapeutic endoscopy, helps reduce the risks associated with alternative open and laparoscopic procedures, reducing the length of hospital stays, cost of treatment and transferring therapy from the operating theatre to the endoscopy room.
Craig Gulliford, Creo’s Chief Executive Officer, commented:
"Developing innovative medical technologies is at the heart of the Welsh Government's vision for the future of the NHS in Wales. Creo is an example of a rapidly expanding business at the very forefront of Medtech device innovation and developing pioneering surgical devices for use in procedures for patients that will save hundreds and thousands of lives, not only in Wales but across the entire world. We welcome the Welsh Government’s continued support of Medtech innovation as we roll-out our extensive training led commercialisation strategy and transform the field of minimal invasive surgery globally."
The Development Bank of Wales (formerly Finance Wales) have been strong supporters of the business and currently owns just over 10% of the Company. Creo has also received considerable support from UK Institutional Investors who recently contributed to a significantly oversubscribed equity placing which raised £48.5m to accelerate the Company’s commercialisation strategy, complete the development of its existing surgical suite of minimally invasive instruments and develop new products, as well as attract partners and enable the potential for strategic M&A.
Founded in 2003 Creo began trading on the London Stock Exchange’s Alternative Investment Market (“AIM”) in December 2016 valued at £61m. The Company has made significant progress against the strategic objectives set out at that time and continues to execute against its plans with a view to a full commercial launch in 2019. In particular, the Company has gained FDA clearance and CE Mark accreditation for its CROMA advanced energy electrosurgery platform and Speedboat device, trained over 45 clinicians to date, commenced procedures with patients under mild conscious sedation enabling same day discharge for routine follow up and undertaken a US Food and Drug Administration (“FDA”) pre-submission meeting with the FDA for the next device in the suite, a flexible ablation device.