April 26, 2012 -- Creo Medical Limited of Chepstow, UK announced that it has closed the current funding
campaign after raising £3 million with a co-investment from an expanding Angel Syndicate
and the Company’s first institutional investor, Finance Wales.
“We are delighted to receive increasing support from our Angel Syndicate and welcome
Finance Wales on board as our first Institutional Investor. This provides the funding
necessary to complete the development of CRoMa technology - our unique microwave and
bipolar radiofrequency energy system,” said Professor Christopher Hancock, CTO and
founder of Creo Medical. “The first application for this technology will be in the endoscopic
removal of abnormalities from the lower GI tract – so it seems appropriate that I can
announce this in April – which is Bowel Cancer Awareness month in the UK”.
Craig Gulliford, CEO of Creo Medical said, “This funding will allow us to expand the team
significantly as we embark upon patient clinical trials, CE marking and production capability.
With this support from Finance Wales we look forward to building the business from new
headquarters in Chepstow, South Wales.”
“This now represents a co-investment of £3million with a buoyant Angel Syndicate that has
expanded once again,” commented Mark Farmer of the Angel Syndicate. “The founding
Angels have continued their support for this exciting investment - together with Finance
Wales and the tremendous success the Creo Medical team has had in securing grant awards,
the project is funded to completion.”
Dr Richard Thompson of Finance Wales, Creo’s first institutional investor said: “Creo’s
CRoMa technology not only promises to make treating bowel cancer faster, safer and
simpler but also to improve treatment success rates. Finance Wales is pleased to be Creo’s
first institutional investor and back the company as it develops and commercialises its
technology. The market for medical devices continues to grow strongly and we’re pleased
to welcome Creo to our growing portfolio of life science investments.”
About Creo Medical
Creo Medical Ltd. Is an innovative Medical Device business which focuses on the
development of microwave and radio frequency technology for use in precise tissue
resection, ablation and coagulation. The CRoMa System utilises a unique combination
Microwave and Bipolar Radio Frequency energy to enable range of very precise tissue
effects to be created with a variety of instruments under development. These can be used in
combination with a flexible endoscope for the precise resection of tumours and tissue
abnormalities of the Gastro Intestinal Tract.
About Finance Wales
Finance Wales makes commercial investments in small and medium-sized businesses
throughout Wales, enabling them to realise their potential for innovation and growth.
Finance Wales manages funds of more than £335 million. Read Finance Wales' investment
In April, 2009 Finance Wales launched a new £150 million fund which uses funding from the
European Investment Bank and EU under the JEREMIE (Joint European Resources for Micro
to Medium Enterprises) initiative. The fund was the first of its kind in Europe.
The Finance Wales Group
The Finance Wales Group is one of the UK’s largest regional SME investment companies and
provides growth capital for small and medium-sized businesses (SMEs) in the UK. The Group
has funds of £335 million under management and comprises the fund managers Finance
Wales and FW Capital, which invest in SMEs as well as xénos, a business angel network. The
Finance Wales Group can make debt and equity investments of up to £2 million at all stages
(early stage, development capital, as well as succession and acquisition) and also structures
follow-on investments for its portfolio. The Group also syndicates/co-invests.
Contact for correspondence:
Craig Gulliford, CEO Creo Medical Limited
Phone: +44 (0) 176 1239289