Creo Medical Group PLC Spain & Benelux Framework Distribution Agreements (2608E)

TIDMCREO

RNS Number : 2608E

Creo Medical Group PLC

17 October 2018

Creo Medical Group plc

("Creo" or the "Company")

Spain & Benelux Framework Distribution Agreements

Agreements covering Spain, the Netherlands, Belgium and Luxembourg

First shipment of products to mainland Europe

Creo Medical Group plc (AIM: CREO), a medical device company focused on the emerging field of surgical endoscopy, announces that it has entered into two further framework distribution agreements to provide clinical training and market seeding across the Spanish, Belgian, Dutch and Luxembourg markets for Creo's CROMA advance energy platform and Speedboat products, ahead of their full commercial launch in 2019.

Creo has signed an agreement with Spanish distributor, JJP Hospitalaria SL covering the Spanish market and an agreement with Netherlands based distributor Stinnow medical to cover Belgium, the Netherlands and Luxembourg ("Benelux").

Continuing Creo's education led commercial strategy, both distributors will collaborate with Creo over an 18-month period to advance the roll out of Creo's Clinical Education Programme across Spain and Benelux educating 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 by Creo's doctors and endoscopy nurses, can deliver training for clinicians at a consistently high standard. Key clinicians across Spain and Benelux have already been trained through Creo's Clinical Education Programme with a view to joining the Company's training faculty and establishing ongoing training in these markets.

In addition, each distributor will commence seeding their respective markets with Creo's products, with the ultimate objective of entering into a formal long-term distribution agreements once the seeding phase has completed. Both agreements require the respective distributors to purchase a minimum quantity of CROMA advance energy platforms and Speedboat products during the initial period, with the first products already having been shipped to Benelux.

These agreements follow on from similar agreements covering Asia-Pacific (APAC) as well as the UK and South Africa.

Creo's CROMA advanced energy platform combines bipolar radiofrequency for precise localised cutting and microwave energy for controlled coagulation. Speedboat 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 transfers therapy from the operating theatre to the endoscopy room.

Craig Gulliford, Chief Executive Officer of Creo, commented:

"Entering mainland Europe is an important milestone for Creo as we work towards commercialisation of our lead product, Speedboat, powered by our CROMA advanced energy platform. This will be the first time Creo has shipped products to these areas which we believe will be key markets for the Company. The signing of these agreements is in line with our strategy to grow our distribution network and reputation both in Europe and worldwide and will position us well as we strive to advance the emerging field of surgical endoscopy."

 
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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 RF energy to surgical endoscopy. Creo has developed CROMA, an electrosurgical advanced energy platform that combines bipolar radiofrequency 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 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 a safer, less-invasive and more cost-efficient option of treatment.

For more information about Creo Medical please see our website, investors.creomedical.com

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October 17, 2018 02:00 ET (06:00 GMT)