AGM Statement & Directorate Succession Planning

Creo Medical Group PLC

27 June 2023

 

Creo Medical Group plc

("Creo" the "Company" or the "Group")

AGM Statement & Directorate Succession Planning

Creo Medical Group plc (AIM: CREO), the medical device company focused on the emerging field of surgical endoscopy, provides an update to shareholders ahead of its Annual General Meeting ('AGM') being held today at the offices of Osborne Clarke, Halo, Counterslip, Bristol BS1 6AJ at 10:00am. 

Chair's AGM statement

"Creo Medical continues its evolution from UK medical device innovator into an international group focused on the clinical and commercial adoption of a full suite of electrosurgical products. Having reported revenues in 2022 of in excess of £27m, we continue to experience growing demand for both our core technology and our complementary range of endotherapy devices.  

"In March we successfully completed an oversubscribed funding round.  Against the backdrop of economic and geopolitical uncertainty, which disproportionally impacts small-cap technology companies such as ours, this was particularly pleasing. As we enter the next stage of our commercialisation, the Company is deploying this funding to enable world-leading clinicians to develop new ways to treat a growing number of indications with our devices and technology with the intention of driving the business through to cash flow break even, and, ultimately, profitability.

"Speedboat Inject is in everyday use and, as announced last week, is now cleared in Europe for use in indications across the entire GI tract, as it is already in the US and APAC region. With over 40% of global cases performed in the upper GI across multiple indications to date, we expect this wider clearance to increase our potential user base substantially across the region. We were therefore delighted to announce yesterday that the first upper GI procedure had taken place in the UK, just four days after announcement of the clearance.  

"Our commercial momentum continues to be driven by Creo's multinational Pioneer training and mentoring events; in May 2023, the Royal Oldham Hospital became the twenty-third NHS England healthcare setting to adopt Speedboat Inject, implementing the technology immediately across multiple endoscopy rooms having enrolled several of its doctors onto the Pioneer programme. We expect to see this momentum continued across other NHS Trusts/hospitals as training on the Pioneer programmed continues apace.

"Earlier this month, NICE (the UK's National Institute for Health and Care Excellence) confirmed its selection of Speedboat Inject for scoping and routing for guidance in respect of endoscopic submucosal dissection of lower gastrointestinal lesions and we look forward to working with NICE to assist them with their assessment.

"I was delighted we could announce the first treatment of a patient using our MicroBlate Flex ablation device in late May as part of our multi-site clinical trial being undertaken at the Royal Brompton Hospital by Professor Pallav L Shah. This study is an important step in Creo's widening range of potential life-improving treatments for patients and, thereafter, widening revenue-generating opportunities.

"We have further exciting developments in the pipeline and have resolved our funding gap while also reducing operating costs. As such, the Board is steadfast in its drive to build a world class medtech company delivering significant improvements to patients across multiple indications and geographies, so enhancing potential returns for investors. Once again, I thank the entire Creo team and my fellow shareholders for their continued support.

"Finally, in recent months the Board has been developing a comprehensive succession plan to ensure that Creo's executive and non-executive directors include an appropriate mix of skills and experience to continue to build a world class medtech company. It has been a privilege to lead the board since our IPO in 2016 through some unprecedented economic and societal challenges as the business has nonetheless very successfully evolved. I have agreed with my fellow directors that we should seek to recruit an experienced international medtech executive as an additional independent non-executive director who would be suitable to succeed me as Chair and for those changes to take effect no later than the 2024 annual general meeting of shareholders."

Craig Gulliford, Chief Executive Officer of Creo Medical said:

"Charles has helped me to lead the Company as well as the board, as Creo moved from being a privately-held medtech startup with big ambition, through IPO as an early stage public medtech business into what is now an internationally commercialised public company making great progress towards that big ambition. Working with the board, Charles and I are developing and delivering succession planning to bring senior commercial execution experience across the Company. I want to personally thank Charles for all his support and guidance to date and in setting the ground work for the next chapter of Creo's evolution."

Enquiries:

Creo Medical Group plc	www.creomedical.com
Richard Rees (CFO)	[phone]
Cenkos Securities plc	[phone]
Stephen Keys / Camilla Hume (NOMAD)
Michael Johnson / Russell Kerr (Sales)
Numis Securities Limited (Joint Broker) Freddie Barnfield / Duncan Monteith / Euan Brown	[phone]
Walbrook PR Ltd	Tel: [phone] or [e-mail]
Paul McManus / Sam Allen / Phillip Marriage	Mob: [phone]

About Creo Medical 

Creo Medical is a medical device company focused on the development and commercialisation of minimally invasive electrosurgical devices, bringing advanced energy to endoscopy.

The Company's vision is to improve patient outcomes through the development and commercialisation of a suite of electrosurgical medical devices, each enabled by CROMA, powered by Kamaptive. The Group has developed the CROMA powered by Kamaptive full-spectrum adaptive technology to optimise surgical capability and patient outcomes. Kamaptive is a seamless, intuitive integration of multi-modal energy sources, optimised to dynamically adapt to patient tissue during procedures such as resection, dissection, coagulation and ablation of tissue. Kamaptive technology provides clinicians with increased flexibility, precision and controlled surgical solutions.  CROMA currently delivers bipolar radiofrequency ("RF") energy for precise localised cutting and focused high frequency microwave ("MW") energy for controlled coagulation and ablation via a single accessory port. This technology, combined with the Group's range of patented electrosurgical devices, is designed to provide clinicians with flexible, accurate and controlled clinical solutions. The Directors believe the Company's technology can impact the landscape of surgery and endoscopy by providing a safer, less-invasive and more cost-efficient option for procedures.

For more information, please refer to the website www.creomedical.com

 

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