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Microwave Surgical Device Maker Creo Medical Floated on Aim

Chepstow

Welsh biotech company Creo Medical, based at Basepoint Chepstow, that makes devices allowing doctors to carry out surgical procedures without the need to puncture the skin has made its stock market debut after raising £20m from investors.

Creo Medical is developing a range of surgical devices that can dissect tissue while using special microwaves to staunch the blood flow.

The devices are unusual because they were designed for use with an endoscope, which is a flexible tube with a light and camera attached to it that is inserted into the body through an existing opening.

“Our product enables procedures that are currently only done in the operating theatre to be done in endoscopy room, so we go from a requirement a general anaesthetic to a local one or sedation,” said Creo's chief executive, Craig Gulliford.

“It’s using God-given access to body rather than an incision. The other thing that makes this different is that the microwave energy that stops the blood flow can be delivered in a very precise, minimalist way."

Current investors in Creo are Finance Wales and Hoya Pentax Medical, a Japanese medical technology company. New investors are a range of large institutions, while the current shareholders are also reinvesting.

The money raised will go towards bringing Creo's suite of products through the stages of development, regulatory approval and commercialisation.  The company recently completed its first clinical study in humans using the device to remove pre-cancerous cells in the gastrointestinal tract.

Clearance from European regulators for this use is expected in the first quarter of next year, with the product launched around the same time. A submission with US authorities will follow shortly thereafter.

Creo is also testing the device for use in other situations, such as stomach ulcers and removing lung tumours.  “By the end of 2018 we expect to have a range of products on the market, probably four,” said Mr Gulliford.