AIM-listed medical tech firm Creo signs NHS deal
A medical device company focused on the surgical endoscopy has announces that it has signed a commercialisation agreement with the Department of Health and Social Care to provide NHS Hospitals with its technology.
The agreement gives access to the Creo Medical Group’s CROMA Advanced Energy Platform and associated devices for use in Gastrointestinal therapeutic endoscopy at preferential rates for a limited period.
The National Institute for Health Research ("NIHR") Invention for Innovation ("i4i") Programme supported certain development projects that Creo undertook via a series of funding awards between 2010 and 2015, totalling close to £2m.
In accordance with the terms of such funding, Creo has entered into this commercialisation agreement, which is designed to aid the roll-out of CROMA and accompanying consumable GI devices in the UK.
The agreement also provides for training for clinicians and nurses on the use of Creo's suite of advanced energy surgery products.
CROMA provides clinicians with surgical solutions by delivering bipolar radiofrequency for precise localised cutting and microwave for controlled coagulation to matched miniature flexible devices which the Company believes offers a safer, less-invasive and more cost-efficient option of treatment than current techniques.
"We are delighted to reach a commercialisation agreement with the Department of Health and Social Care which will enable us to roll-out our game-changing devices throughout the NHS, empowering endoscopists and surgeons to change the way they operate bringing significant benefits to their patients,” said Craig Gulliford, Chief Executive Officer of Creo.
“We are hugely grateful for the support of NIHR in the development of our CROMA platform and suite of devices and look forward to increasing the adoption of our products in our home market."
Martin Hunt, Programme Director of NIHR i4i, added: "The NIHR first recognised the potential of Creo Medical's surgical endoscopy technology 10 years ago and has supported the development of the devices - and the growth of the Company - ever since.
“NIHR's long term funding for this innovative team means that a new treatment will be available to NHS patients up and down the country, exemplifying how NIHR helps translate discoveries into improved treatments and services."