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Creo Medical Group (CREO)

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Monday 02 July, 2018

Creo Medical Group

Market Update

RNS Number : 1665T
Creo Medical Group PLC
02 July 2018
 

 

Creo Medical Group plc

("Creo" or the "Company")

 

Market Update

 

Since the Company was admitted to trading on AIM in December 2016 (the "IPO") it has made significant progress against all of 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, since the IPO, the Company has:

                                                               

·      Gained FDA clearance and CE Mark for its CROMA advanced energy electrosurgery platform and Speedboat RS2 device (with FDA clearance being received ahead of schedule);

·      Trained 34 clinicians to date with some trainees being trained in collaboration with a developing global network of distribution partners ahead of commercial launch in 2019

·      Placed its CROMA advanced energy electrosurgery platform and Speedboat RS2 device with EU key opinion leaders;

·      Commenced the generation of clinical data through in-human use, with physicians utilising Creo's Speedboat device in multiple procedures with no reported complications, including procedures with patients under mild conscious sedation with same day discharge for routine follow up rather than surgery under general aesthetic and a prolonged hospital stay as would otherwise have been the case; and

·      Undertaken a FDA pre-submission meeting with the FDA for its flexible ablation device confirming that it will make a Pre-Market Notification (via the 510(k) pathway).

 

Following speculation and in light of this progress and consultation with shareholders, the Board confirms that it has been considering its future funding in order to capitalise on the Company's current momentum and exploit the opportunities, it believes are, available to the Company at this time.  Accordingly, the Board can confirm that it has instructed advisers to commence work on a proposed placing of new ordinary shares to institutional and other investors (the "Proposed Placing").  Initial Board consideration was to raise in the region of £15-20 million but given investor feedback to date the Board may choose to raise a higher amount than this.   Amongst other things the net proceeds of the Proposed Placing would enable the Group to continue to extend its training programme for clinicians; complete its development of the Gastro Intestinal suite of products; continue to fund research and development into further applications of products; add distribution partners on a worldwide basis and accelerate Creo's product roll out by scaling up the current manufacturing capabilities and accelerating a USA roll out. The Board believes that additional funds would make the Company an increasingly attractive prospect for strategic partners and allow the exploration of possible strategic M&A.

 

Whilst there can be no certainty that the Proposed Placing will proceed, nor as to the quantum, pricing, or timing of any such placing the Board would seek to conduct any placing as near as practicable to the Company's closing mid price on 27 June 2018 (being the latest practicable date prior to this announcement).

 

Further announcements will be made as appropriate.

 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement via Regulatory Information Service, this inside information is now considered to be in the public domain.

 

Contacts

 

Creo Medical:

Cenkos:

FTI Consulting:

Richard Rees

+44 (0)129 160 6005

 

Camilla Hume/Mark Connelly (NOMAD)

Michael Johnson / Russell Kerr (Sales)

+44 (0)207 397 8900

Brett Pollard / Mo Noonan

+44 (0)203 727 1000

[email protected]

 

 

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.

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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