Creo Medical Group PLC Framework Distribution Agreement for India (7058N)
September 26 2019 - 1:01AM
UK Regulatory
TIDMCREO
RNS Number : 7058N
Creo Medical Group PLC
26 September 2019
Creo Medical Group plc
("Creo" or the "Company")
Framework Distribution Agreement for India
Indian doctors and nurses trained on Speedboat following
signing
Creo Medical Group plc (AIM: CREO), a medical device company
focused on the emerging field of surgical endoscopy, announces it
has entered into a Distribution Partner Framework Agreement (the
"Agreement") with MEDITEK SYSTEMS ("Meditek"), to provide clinical
training and market seeding across the Indian market for Creo's
CROMA Advance Energy platform and suite of products, including the
Speedboat device, ahead of their official launch.
Meditek will collaborate with Creo to advance the roll out of
Creo's Clinical Education Programme across the Indian market,
training key clinicians in the use of Speedboat and the CROMA
platform with the aim of ensuring quality control and best patient
outcomes. Creo's Clinical Education Programme ensures that
distributor trainers, having been carefully mentored, can then
deliver in-country training for clinicians at a consistently high
standard.
In addition, doctors and nurses from six key healthcare
institutions in India have already completed training as part of
Creo's Clinical Education Programme ahead of the mentoring phase of
the programme with initial cases taking place in India over the
coming weeks.
Meditek will continue to operate the Clinical Education
Programme in India and will commence seeding these markets with
Creo's products, with the ultimate objective of entering into a
formal long-term distribution agreement once the seeding phase has
completed. The Agreement requires Meditek to purchase a minimum
quantity of CROMA advance energy platforms and Speedboat products
during the initial period.
About Speedboat
The Company's Speedboat device is the first in a range of GI
devices to be cleared for use with the CROMA advanced energy
platform, which uniquely combines bipolar radiofrequency energy for
precise tissue dissection along with microwave energy for highly
controlled coagulation and tissue ablation. Speedboat enables the
removal of lesions from the colon using an endoscope, whilst
patients are under sedation and with regular procedure times of
under one hour. Patients can be discharged on the same day for
routine follow-up and monitoring, without recourse to lengthy
laparoscopic surgery which requires hospitalised recovery over a
number of days.
Craig Gulliford, Chief Executive Officer of Creo, commented: "We
are delighted to begin working with Meditek to introduce our
innovative product range to the Indian market, one of the fastest
growing healthcare markets in the world which is also rapidly
gaining recognition for pioneering clinical practice. We will
continue to widen the reach of our Clinical Education Programme to
ensure the highest standards are applied to the safe and effective
adoption of our portfolio of products for surgical endoscopy."
Creo Medical Group plc investors.creomedical.com
Richard Rees (CFO) +44 (0)1291 606 005
Cenkos Securities +44 (0)20 7397 8900
Stephen Keys / Cameron MacRitchie
Michael Johnson / Russell Kerr (Sales)
Walbrook PR Ltd Tel: +44 (0)20 7933 8780 or creo@walbrookpr.com
Paul McManus Mob: +44 (0)7980 541 893
Lianne Cawthorne Mob: +44 (0)7515 909 238
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 radiofrequency energy to surgical endoscopy.
Creo has developed CROMA, an electrosurgical advanced energy
platform that combines bipolar RF for precise localised cutting and
microwave for controlled coagulation. This technology provides
clinicians with flexible, accurate and controlled surgical
solutions.
The Company's strategy is to bring its CROMA Advanced Energy
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
Advanced Energy platform will be developed further for bronchoscopy
and laparoscopy procedures. The Company believes that its
technology can impact the landscape of surgery and endoscopy by
providing a safer, less-invasive and more cost-efficient option of
treatment.
For more information about Creo Medical please see our website,
investors.creomedical.com
About Meditek Systems
Meditek Systems was formed in 1997 and is headquartered in New
Delhi, India. Meditek aims to provide the latest available products
to the medical industry in India and is one of India's fastest
growing marketing & distribution houses dealing with several
Multinational corporations which are industry experts and leaders
in device manufacturing for Cardiology, Gastroenterology,
Respiratory and Radiology. https://www.mediteksystems.com/
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END
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