Creo Medical Group PLC (AIM:CREO, FRA:1RC) (AIM:CREO, FRA:1RC) said the first six months of 2021 was a period of “strategic and operational progress” as the medical device company secured the first sales of its revolutionary Speedboat Inject endoscopic device in the US and Europe.
The product combines the benefits of bipolar radiofrequency and super high-frequency microwave energy to allow precise cutting in the upper and lower gastrointestinal tract when removing obstructions such as polyps.
It has been proven to save up to £10,000 per procedure compared with traditional methods.
Creo, in its interim results statement, said commercial orders for the system remained in line with expectations on both pricing and volume.
Further, its clinical education programme that provides training to users has yielded an increase in medical key opinion leaders converting to becoming users of the product.
In the same update, the group said its MicroBlate Fine device for tumours delivered “excellent results” in the first patient treated using it. MicroBlate Flex, meanwhile, received US 510 (k) regulatory clearance.
It also said “significant initial discussions” have been held with partners potentially interested in licensing the Kamaptive technology that powers its CROMA precision cutting platform.
Turning to the financials, the company booked total sales of £12.9mln for the period but made an underlying loss of £7.7mln, reflecting the investment made developing and commercialising its products.
It exited the period with £30.6mln in cash and cash equivalents and raised £36.3mln before fees via a placing and open offer of new stock.
Chief executive officer Craig Guildford said the business is now well funded to "service the rising demand we expect for all our products".
“We are very optimistic for the continued progress of the business throughout 2021 and into 2022," he added.