A medical equipment manufacturing business based in Chepstow, Wales has increased its framework distribution agreements, allowing it to assess further avenues of growth and development in the future.
Creo Medical has presently trained 60 physicians to use its medical devices and has suggested room for growth to train more in the future.
The company also gained regulatory clearance for its CROMA platform and Speedboat device, with a handful of other products also earmarked for approval.
Chief executive of Creo Medical, Craig Gulliford, said: “We continue to deliver against our strategic objectives: developing a widening suite of innovative medical devices, expanding the list of physicians participating in the Creo Clinical Education Programme as part of training led commercialisation plan, and evolving our distribution network and manufacturing capacity in anticipation of commercial launch.
“We have established a solid platform for future growth, and we look forward with confidence to another exciting year in 2019.”
Creo Medical recorded, in the 18 months leading to 31 December 2018, an operating loss of £12.6 million, in comparison to £5.6 million in the year ending 20 June 2017.
In a similar timeframe, the company improved its balance sheet by raising an additional £48.5 million (before expenses) through a popular and oversubscribed share placing.