Creo Medical Group PLC UK Distribution Agreement with Diagmed Healthcare (5016T)

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RNS Number : 5016T

Creo Medical Group PLC

04 July 2018

Creo Medical Group plc

UK Framework Distribution Agreement with Diagmed Healthcare

UK Clinical Education Program to be imitated alongside Market Seeding

Chepstow, Wales - 4 July 2018 - Creo Medical Group plc (AIM: CREO) ("Creo" or the "Company"), a medical device company focused on the emerging field of surgical endoscopy, today announces that is has entered into a framework distribution agreement with Diagmed Healthcare Limited ("Diagmed").

Under the terms of the agreement, Diagmed will collaborate with Creo over an 18-month period to seed the UK market with Creo's CROMA advance energy platform and Speedboat products. The agreement requires Diagmed to purchase a minimum quantity of CROMA advance energy platforms and Speedboat products from Creo during the first 18 months. In line with Creo's education led commercial strategy, Diagmed will also advance the roll out of Creo's Clinical Education Programme in the UK, to ensure quality control and best patient outcomes through the education of key clinicians in the use of Speedboat and the CROMA platform. Once the seeding phase is complete, it is intended that Diagmed and Creo will enter into a further agreement where Diagmed will be Creo's sole distributor for Creo's CROMA advanced energy electrosurgery platform and Creo's suite of GI devices in the UK, making Diagmed Creo's second distributor alongside Hoya Group, Pentax Medical.

Diagmed Healthcare is the UK's leading, independently owned endoscopy and diagnostic equipment specialist with a customer base extending to 536 medical facilities in the UK. It has developed strong and long-term relationships with globally renowned KOLs in world class centres of excellence as part of its clinical training programme. This will help support Creo's future R&D product development pipeline and its commercialisation. The UK represents a significant marketing opportunity for Creo, both within the NHS and private practitioners.

Creo's CROMA's electrosurgical platform combines bipolar radiofrequency for precise localised cutting and microwave energy for controlled coagulation. Speedboat RS2 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 transferring therapy from the operating theatre to the endoscopy room.

Craig Gulliford, Creo's Chief Executive Officer, commented:

"This agreement is the next significant milestone in the commercialisation of our lead product, Speedboat RS2. Creo is dedicated to improving patient outcomes and helping clinicians by bringing advanced energy to the emerging field of surgical endoscopy. Speedboat is paving the way for our suite of GI devices under development which we believe are the next generation of minimally invasive surgery tools and transformational technology. Our products are rapidly gaining traction in the endoscopic field and with Diagmed as our UK partner, their expertise and knowledge in this important market will prove invaluable to Creo as we build our reputation worldwide."

Contacts

 
 Creo Medical:     Cenkos:                      FTI Consulting: 
 Richard Rees      Camilla Hume/Mark Connelly   Brett Pollard / Mo 
  [phone]    (NOMAD)                      Noonan 
  6005              Michael Johnson / Russell    [phone] 
                    Kerr (Sales)                 [e-mail] 
                    [phone] 
 

About Diagmed Healthcare

Diagmed Healthcare is the UK's leading, independently owned endoscopy and diagnostic equipment specialists. Diagmed Healthcare strives to provide customer service excellence, with unparalleled product expertise, assisting customers to deliver health provision, to the benefit of medical professionals and more importantly - their patients.

For more information about Diagmed Healthcare please see their website, http://diagmed.healthcare/.

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 radiowave energy to surgical endoscopy. Creo has developed CROMA, an electrosurgical platform that combines bipolar radiofrequency for precise localised cutting and microwave for controlled coagulation. This technology provides physicians 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 safer, less-invasive and more cost-efficient option of treatment.

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

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July 04, 2018 02:00 ET (06:00 GMT)