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 +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 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.
