Additional European Framework Distribution Agreement with PENTAX Medical
Agreement covering France, Germany and Italy
This is a press release published by Creo Medical Group plc.
Creo Medical Group plc (AIM: CREO), a medical device company focused on the emerging field of surgical endoscopy, announces that it has entered into a framework distribution agreement with PENTAX Europe GmbH ("PENTAX Europe") to provide clinical training and market seeding across the French, German, and Italian markets, for Creo's CROMA advance energy platform and Speedboat products.
Continuing Creo's education led commercial strategy, Pentax Europe will collaborate with Creo over an 18-month period to advance the roll out of Creo's Clinical Education Programme across these key markets in Europe, educating leading 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 within their local markets.
PENTAX Europe 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.
This agreement follows on from the PENTAX Medical (a division of HOYA Group) distribution agreement covering Asia-Pacific (APAC) which was extended in September last year, as well as the recently announced agreements covering Spain, the Netherlands, Belgium and Luxembourg. In addition, distribution agreements have already been signed covering 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.
PENTAX Medical has identified endoscopic therapeutic devices as a priority area in its growth strategy, and this agreement with Creo Medical Ltd. accelerates PENTAX Medical's expansion of their footprint in the therapeutics segment through a lineup of differentiated products.
Flexible endoscopes have been developed for use in minimally invasive treatment procedures, in combination with therapeutic devices. These scopes are gaining worldwide interest and adoption for their clinical and financial benefits, as well as in the realization of highly advanced surgeries in gastroenterology and other applications.
Craig Gulliford, Chief Executive Officer of Creo, commented:
"Entering mainland Europe was an important milestone for Creo, but a commercialisation strategy that encompasses the major healthcare markets of France and Germany is key for the successful European roll-out of our lead product, Speedboat, powered by our CROMA advanced energy platform. This further agreement reinforces our strategy of growing our distribution network and reputation both in Europe and worldwide, positioning us as a leading innovator in the emerging field of surgical endoscopy."
Rainer Burkard, President, PENTAX Europe GmbH commented:
"We are pleased to deliver our customers more clinical outcomes, patient experiences and efficiency seamlessly with PENTAX Medical's cutting-edge flexible endoscopes and therapeutics portfolio. This agreement grants us access to an innovative electrosurgical platform and accelerates PENTAX Medical's strategy of more effectively serving physicians and their patients in a rapidly evolving health care industry by expanding into the vital endoscopic therapy space."
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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
About PENTAX Medical
PENTAX Medical is a division of HOYA Group. Its mission is to improve the standard of patient care and quality of healthcare delivery by providing the best endoscopic products and services with a focus on QUALITY, CLINICALLY RELEVANT INNOVATION, and SIMPLICITY. Through leading edge R&D and manufacturing, PENTAX Medical provides endoscopic imaging devices and solutions to the global medical community. Headquartered in Japan, PENTAX Medical has a worldwide focus and presence with R&D, regional sales, service, and in-country facilities around the globe.
For more information, please visit: www.pentaxmedical.com