Creo Medical Group PLC Agreement with First Medical Company (9705T)
July 09 2018 - 2:00AM
UK Regulatory
TIDMCREO
RNS Number : 9705T
Creo Medical Group PLC
09 July 2018
Creo Medical Group plc
South African Framework Distribution Agreement with First
Medical Company
South African Clinical Education Program to be initiated
alongside Market Seeding
First products exported in EMEA region for clinical use
Chepstow, Wales - 9 July 2018 - Creo Medical Group plc (AIM:
CREO) ("Creo" or the "Company"), a medical device company focused
on the emerging field of surgical endoscopy, today announces that
it has entered into a framework distribution agreement with First
Medical Company ("First Medical").
Under the terms of the agreement, First Medical in conjunction
with Creo will seed the South Africa, Botswana, Namibia and
Mozambique markets with Creo's CROMA advance energy platform and
Speedboat products over an 18 month period. First Medical will
purchase a minimum quantity of CROMA advance energy platforms and
Speedboat instruments during the first 18 months. In line with
Creo's education led commercial strategy, First Medical will also
advance the roll out of Creo's Clinical Education Program in its
jurisdictions, to ensure quality control and best patient outcomes
through the education of key clinicians in the use of Speedboat and
the CROMA platform. On completion of the seeding phase, it is
anticipated that a further agreement will place First Medical as
Creo's exclusive distributor for Creo's CROMA advanced energy
electrosurgery platform and Creo's suite of GI devices in South
Africa, Botswana, Namibia and Mozambique.
The first CROMA advance energy platforms and Speedboat products
for clinical use in South Africa, Creo's first export market in the
EMEA region, have been shipped to First Medical, and market seeding
is expected imminently.
Founded 20 years ago, First Medical imports and distributes
medical products and devices into Southern Africa. It has developed
strong and long-term relationships with key clinicians in the
region, which will assist in establishing Creo's Clinical Education
Program in Southern Africa. First Medical has more than 300 clients
ranging from medical professionals to both private and government
hospitals. They are a leading company in the field of
endoscopy.
Creo's CROMA's electrosurgical platform combines bipolar
radiofrequency for precise localised cutting and microwave energy
for controlled coagulation. Speedboat RS2 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 transferring therapy from the operating
theatre to the endoscopy room.
Craig Gulliford, Creo's Chief Executive Officer, commented:
"This third agreement, alongside Hoya Group, Pentax Medical and
Diagmed Healthcare, demonstrates the growing momentum in the
commercialisation of our lead product, Speedboat RS2. With a
rapidly growing distribution network, Creo is well placed to
advance the emerging field of surgical endoscopy through our
advanced energy platform, paving the way for our suite of minimally
invasive GI devices under development. First Medical's expertise
and knowledge of the Southern African markets will prove invaluable
to Creo as we continue to build our reputation worldwide."
Contacts
Creo Medical: Cenkos: FTI Consulting:
Richard Rees Camilla Hume/Mark Connelly Brett Pollard / Mo Noonan
+44 (0)129 160 (NOMAD) +44 (0)203 727 1000
6005 Michael Johnson / Russell creo@fticonsulting.com
Kerr (Sales)
+44 (0)207 397 8900
About First Medical Company
First Medical imports and distributes medical products and
devices into Southern Africa. The company is privately owned and a
well proven market leader in obtaining registration and regulatory
approval for new innovative products within the South African
region, while staying committed to making a difference in local
communities.
For more information about First Medical please see their
website, http://firstmedical.co.za/
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 radiowave energy to surgical endoscopy. Creo
has developed CROMA, an electrosurgical platform that combines
bipolar radiofrequency for precise localised cutting and microwave
for controlled coagulation. This technology provides physicians
with flexible, accurate and controlled surgical solutions.
The Company's strategy is to bring its CROMA platform to market
through 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 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 safer, less-invasive and more cost-efficient
option of treatment.
For more information about Creo Medical please see our website,
www.creomedical.com.
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END
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