REG - Creo Medical Group - AGM Statement and Directorate Succession Planning

Creo MedicalAnnouncement

26/06/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240626:nRSZ8354Ta&default-theme=true

RNS Number : 8354T  Creo Medical Group PLC  26 June 2024

Creo Medical Group plc

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

 

AGM Statement

and

Directorate Succession Planning

 

Creo Medical Group plc (AIM: CREO), the medical device company focused on the
emerging field of minimally invasive surgical endoscopy for pre-cancer and
cancer patients, provides an update to shareholders ahead of its Annual
General Meeting ('AGM') being held today at Creo House, Beaufort Park,
Beaufort Park Way, Chepstow NP16 5UH at 10:00am.

 

Chair's AGM statement

 

"The past 12 months have shown continued momentum in Creo's journey towards
becoming a mature, international medtech group. Using the financial resources
provided by our March 2023 equity raise, we have continued to execute on all
fronts of our strategy. This has included the launch of Speedboat UltraSlim,
accelerated in the EU by 18 months, quickly being followed by the product
being used in the US, APAC and Latin America, with exceptional clinician
feedback. We have been delighted to see the investment in our Pioneer training
programme continue to deliver a growing number of worldwide users, with a 119%
increase over the course of 2023.

 

"The recent NHS Supply Chain data, which confirmed net cash savings of £687k
from 130 Speedboat procedures at one NHS Trust, was a fantastic validation of
the difference our technology can make to healthcare systems in addition to
improving patient outcomes. We look forward to working alongside NHS Supply
Chain as they promote the value proposition of Speedboat to Trusts around the
country.

 

"We were also proud to be named as a recipient of the King's Award for
Enterprise in Innovation last month, providing recognition of our team's hard
work and dedication to build a truly innovative technology platform. The
potential of Creo's technology has also been demonstrated through our
Kamaptive partnerships, as MicroBlate Flex was recently used to treat a
cancerous lung nodule in the same sitting as a diagnosis performed with a
robotic platform, in a world's-first combined procedure at the Royal Brompton
Hospital.

 

"The team has worked hard to keep disciplined control over costs, even as the
business has continued to grow, which contributed to a reduced operating loss
for the financial year ended 31 December 2023, and we continue to progress
towards our goal of achieving cashflow break even in 2025.

 

"At our AGM last year, we announced that we were implementing a comprehensive
Board succession plan, including recruiting a candidate who would be suitable
to succeed me as Chair. I am delighted that last month we announced the
addition of Kevin Crofton and Brent Boucher as Non-Executive Directors,
effective from 1 July, with Kevin succeeding me as Chair. I would like to take
this opportunity to welcome them both to the Creo Board. I am confident their
skillsets and significant commercial experience will be of great value to Creo
and its Directors.

 

"In addition to the recently announced Board changes, John Bradshaw has
informed us of his intention to retire and step down from his role as Senior
Independent Non-Executive Director. John, who also chairs the Audit Committee,
will remain with the Board until a suitable candidate is found to take his
place. A recruitment process has been commenced and further announcements will
be made as appropriate. I would like to place on record my thanks to John for
his extensive contribution to the Company since his appointment in 2016.

 

"It has been a great privilege to serve as Creo's Chair since our IPO in 2016,
and to help guide the Company as it has pioneered its truly world-class
technology. I would like to thank my fellow Board members and shareholders for
their continued support, and I look forward to seeing Creo continue to make
progress and change the lives of even more patients in the years to come."

 

Kevin Crofton, incoming Chair of Creo Medical, will make the following
statement:

 

"I am delighted to be here at Creo's Annual General Meeting. Thank you,
Charles, for your words of welcome. I would like to say thank you for your
significant contribution to Creo during your eight-year tenure as Chair. The
transition from a small medtech start-up, to where the Company is now, is
testament to not only the quality of the Company's technology and products,
but also to its leadership, of which you have been an integral part. With a
strong international presence, a growing user base and world-class partners,
Creo Medical is now well positioned for accelerated growth. During my
recruitment process, I have got to know many members of the talented Creo
team, and I am looking forward to getting started and working with them to
continue our upwards clinical and commercial trajectory."

 

Enquiries:

 Creo Medical Group plc                             www.creomedical.com (http://www.creomedical.com)
 Richard Rees (CFO)                                 +44 (0)1291 606 005

 Cavendish Capital Markets Limited                  +44 (0)20 7397 8900
 Stephen Keys / Camilla Hume (NOMAD)
 Michael Johnson (Sales)

 Deutsche Numis (Joint Broker)                      +44 (0)20 7260 1000

 Freddie Barnfield / Duncan Monteith / Euan Brown

 Walbrook PR                                        Tel: +44 (0)20 7933 8780 or creo@walbrookpr.com
 Paul McManus / Sam Allen                           Mob: +44 (0)7980 541 893 / +44 (0)7502 558 258

 Phillip Marriage                                   +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
(http://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 (mailto:rns@lseg.com)
 or visit
www.rns.com (http://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 (https://www.lseg.com/privacy-and-cookie-policy)
.   END  AGMKZGZVDKRGDZM