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

Creo MedicalAnnouncement

27/06/2023 07:15

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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 £27m, 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 (http://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)            +44 (0)20 7260 1000

 Freddie Barnfield / Duncan Monteith / Euan Brown

 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 558 258 / +44 (0)7867 984 082

 Phillip Marriage

 

 

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)

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