Creo Medical Group PLC AGM Statement & Directorate Succession Planning (9683D)
June 27 2023 - 1:00AM
UK Regulatory
TIDMCREO
RNS Number : 9683D
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 GBP27m, 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) +44 (0)1291 606 005
Cenkos Securities plc +44 (0)20 7397 8900
Stephen Keys / Camilla Hume (NOMAD)
Michael Johnson / Russell Kerr (Sales)
Numis Securities Limited (Joint
Broker)
Freddie Barnfield / Duncan Monteith
/ Euan Brown +44 (0)20 7260 1000
Walbrook PR Ltd Tel: + 44 ( 0)20 7933 8780 or creo@walbrookpr.com
Paul McManus / Sam Allen / Mob: +44 (0)7980 541 893 / +44 (0)7502
Phillip Marriage 558 258 / +44 (0)7867 984 082
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
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 rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCBQLLLXQLXBBV
(END) Dow Jones Newswires
June 27, 2023 02:00 ET (06:00 GMT)
Creo Medical (LSE:CREO)
Historical Stock Chart
From Apr 2024 to May 2024
Creo Medical (LSE:CREO)
Historical Stock Chart
From May 2023 to May 2024