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Cash for Anti-Cancer Device Helps Creo Medical Expand

1/18/2013 9:02:04 AM

A medical devices company has undergone significant expansion after raising £3m to develop a device to help prevent bowel cancer. Chepstow-based Creo Medical raised the £3m in an equity co-investment to further develop its CRoMa system, which promises safe, precise and cost-effective treatment of pre-cancerous lesions in the bowel. The equity investment came from an angel investor syndicate and the company’s first institutional investor, Finance Wales. Finance Wales’ £1.36m investment was pivotal to Creo’s decision to locate its new headquarters at Chepstow’s Beaufort Park. Since the move, Creo has completed CRoMa’s product development and trials. It has also geared up production and is on course for full commercialisation in 2013. “These are exciting times for us,” said Creo Medical’s chief executive, Craig Gulliford. “This latest investment round has helped us accelerate the development of our latest product, which has great potential to improve success rates in the prevention of bowel cancer.” Expansion has also seen Creo recruit five new staff members, including John Bradshaw as its new chief financial officer. Mr Bradshaw was previously CFO of Cardiff-based Gyrus Medical. He said: “Having worked with several of the Creo team before, I instantly saw the strength and experience of the team who are developing an exciting technology to address an expanding market. I was delighted to join the team as they embark on an exciting period for the business.” Mr Gulliford was keen to point out the importance of the most recent investment to Creo. “Securing £3m of new capital was a significant development for us, as was Finance Wales’ backing as our first institutional investor,” he said. “We’ve made excellent progress this year since opening our Chepstow headquarters and have achieved all our key milestones. Our new CRoMa system is already attracting great interest from surgeons keen to use it as soon as it becomes available.”

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