Creo Medical “on track” for commercial launch in 2019

Chepstow-based medical device manufacturer Creo have revealed in interim results that they are on track for a full commercial launch in 2019.

Insider Media reports, in the six months to June 30th 2018, the company, which manufactures devices for surgical endoscopy, completed its first UK and South African framework distribution agreements, with forty five clinicians now trained in the use of its products.

Creo Medical also strengthened its intellectual property portfolio, being granted one hundred and seventeen patents with three hundred and sixty two pending applications as of September.

The company, which raised £48.5m in a placing earlier this year, revealed an operating loss of £5.2m for the six months to June 30th 2018, up from £4.2m in the previous period, in line with management expectations.

Craig Gulliford, chief executive of Creo, said “We continue to make good progress against our strategic objectives, executing on our training led commercialisation plan, targeting selected clinicians and key opinion leaders to drive clinical adoption. As of 28 August 2018, 45 clinicians have been successfully trained. Significantly, a growing number of patients in the UK are being successfully treated using the Speedboat device powered by our CROMA platform. Post period-end we have shipped our first products to South Africa which have been used in seven procedures so far. Furthermore, with the extension of our agreement with Hoya Group, Pentax Medical we expect to ship our first products to the APAC region in the upcoming months. We continue to invest in our pipeline, positioning us well to become a leading advanced energy, minimally invasive, medical device company. We remain on track for full commercial launch in 2019, and following the placing, are well funded to achieve our goals.”

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