Creo Medical Group PLC Extension of Distribution Agreement with Pentax (9337A)
September 17 2018 - 2:04AM
UK Regulatory
TIDMCREO
RNS Number : 9337A
Creo Medical Group PLC
17 September 2018
Creo Medical Group plc
Extension of Distribution Agreement with Hoya Pentax Medical for
the Asia-Pacific (APAC) region
Creo Medical Education Programme to be initiated in APAC
alongside Market Seeding beginning in Australia.
Chepstow, Wales - 17 September 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 an addendum to its distribution
agreement with Hoya Group, Pentax Medical ("Pentax").
Under the terms of the original distribution agreement, Creo
granted Pentax the right to distribute Creo's Speedboat product and
CROMA platform in the Asia Pacific region for 5 years subject to
agreement of final terms by territory. The addendum further
entrenches Creo's relationship with Pentax with firm commitment to
roll out to various territories in conjunction with establishing
Creo's Clinical Education Program and thereafter seeding the chosen
markets.
Australia will be the first Asia Pacific territory in which
Pentax will establish Creo's Clinical Education Program and
subsequently seed the market. Pentax will purchase a minimum
quantity of CROMA advance energy platforms and Speedboat
instruments with the first products expected to be shipped within 3
months. Furthermore, Creo has agreed to extend the term of Pentax's
distribution rights in each territory in which Pentax establishes
Creo's Clinical Education Programme for a period of 5 years from
the date on which Creo's products are registered in such
territory.
Creo has commenced the regulatory registration process for its
products in Australia and in conjunction with Pentax Creo has begun
introducing doctors from Australia and other territories to the
clinical education program here in Europe which will be rolled out
into APAC in the coming months.
CROMA's electrosurgical platform combines bipolar radiofrequency
for precise localised cutting and microwave 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 laparoscopic procedures, reducing the
length of hospital stays and transferring therapy from the
operating room to the endoscopy room.
Craig Gulliford, Chief Executive Officer, commented:
"The extension of our agreement with Pentax marks a significant
milestone in the commercialisation of Speedboat, our lead product.
Creo is dedicated to improving patient outcomes and helping
clinicians by bringing advanced energy to the emerging field of
surgical endoscopy. Speedboat is paving the way for our suite of GI
devices under development. Our products are rapidly gaining
traction in the endoscopic field and with Pentax as our partner in
the Asia Pacific region, their expertise and knowledge will prove
invaluable to Creo in these important markets and as we build our
reputation worldwide."
David Woods, President and CEO of Pentax Americas and M&A
Director, commented:
"As a leading supplier of innovative and advanced medical
products for minimally invasive procedures we recognise the great
potential of the CROMA platform and Speedboat. I am pleased that we
have been able to deepen our relationship with Creo. Ultimately,
under this expanded commercial agreement more patients will benefit
from the power of precise cutting and controlled coagulation,
leading to better clinical outcomes in an outpatient setting."
Contacts
Creo Medical: Cenkos: FTI Consulting:
Richard Rees Stephen Keys/Mark Brett Pollard / Mo
+44 (0)129 160 6005 Connelly (NOMAD) Noonan
Michael Johnson / +44 (0)203 727 1000
Russell Kerr (Sales) creo@fticonsulting.com
+44 (0)207 397 8900
About Hoya Pentax Medical
HOYA is a global med-tech company based in Tokyo, Japan, and the
leading supplier of innovative and indispensable high-tech products
and advanced optical technologies. Hoya employs approximately
34,000 people in over 30 countries.
The medical endoscope business is one of HOYA's growth
drivers.
Demand for minimally invasive treatment among medical
professionals continues to grow quickly. HOYA develops medical
endoscopes that enable early diagnosis and treatment under the
PENTAX Medical brand. HOYA Group corporate website:
http://www.hoya.com
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,
investors.creomedical.com.
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END
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