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Framework Distribution Agreement for India

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RNS Number : 7058N
Creo Medical Group PLC
26 September 2019
 

Creo Medical Group plc

("Creo" or the "Company")

 

Framework Distribution Agreement for India

Indian doctors and nurses trained on Speedboat following signing

 

Creo Medical Group plc (AIM: CREO), a medical device company focused on the emerging field of surgical endoscopy, announces it has entered into a Distribution Partner Framework Agreement (the "Agreement") with MEDITEK SYSTEMS ("Meditek"), to provide clinical training and market seeding across the Indian market for Creo's CROMA Advance Energy platform and suite of products, including the Speedboat device, ahead of their official launch. 

 

Meditek will collaborate with Creo to advance the roll out of Creo's Clinical Education Programme across the Indian market, training 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, can then deliver in-country training for clinicians at a consistently high standard.

 

In addition, doctors and nurses from six key healthcare institutions in India have already completed training as part of Creo's Clinical Education Programme ahead of the mentoring phase of the programme with initial cases taking place in India over the coming weeks.

 

Meditek will continue to operate the Clinical Education Programme in India and will commence seeding these markets with Creo's products, with the ultimate objective of entering into a formal long-term distribution agreement once the seeding phase has completed. The Agreement requires Meditek to purchase a minimum quantity of CROMA advance energy platforms and Speedboat products during the initial period.

 

About Speedboat

The Company's Speedboat device is the first in a range of GI devices to be cleared for use with the CROMA advanced energy platform, which uniquely combines bipolar radiofrequency energy for precise tissue dissection along with microwave energy for highly controlled coagulation and tissue ablation. Speedboat enables the removal of lesions from the colon using an endoscope, whilst patients are under sedation and with regular procedure times of under one hour. Patients can be discharged on the same day for routine follow-up and monitoring, without recourse to lengthy laparoscopic surgery which requires hospitalised recovery over a number of days.

 

Craig Gulliford, Chief Executive Officer of Creo, commented: "We are delighted to begin working with Meditek to introduce our innovative product range to the Indian market, one of the fastest growing healthcare markets in the world which is also rapidly gaining recognition for pioneering clinical practice. We will continue to widen the reach of our Clinical Education Programme to ensure the highest standards are applied to the safe and effective adoption of our portfolio of products for surgical endoscopy."

 

Creo Medical Group plc

investors.creomedical.com

Richard Rees (CFO)

+44 (0)1291 606 005

 

 

Cenkos Securities

+44 (0)20 7397 8900

Stephen Keys / Cameron MacRitchie

 

Michael Johnson / Russell Kerr (Sales)

 

 

 

Walbrook PR Ltd

Tel: +44 (0)20 7933 8780 or [email protected]

Paul McManus

Mob: +44 (0)7980 541 893

Lianne Cawthorne

Mob: +44 (0)7515 909 238

 

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 radiofrequency energy to surgical endoscopy. Creo has developed CROMA, an electrosurgical advanced energy platform that combines bipolar RF 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 Advanced Energy 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 Advanced Energy platform will be developed further for bronchoscopy and laparoscopy procedures. The Company believes that 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

 

About Meditek Systems

Meditek Systems was formed in 1997 and is headquartered in New Delhi, India. Meditek aims to provide the latest available products to the medical industry in India and is one of India's fastest growing marketing & distribution houses dealing with several Multinational corporations which are industry experts and leaders in device manufacturing for Cardiology, Gastroenterology, Respiratory and Radiology. https://www.mediteksystems.com/

 

 


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